Wednesday, July 24, 2019 | ePaper

Banks must strengthen security systems to counter cyber heists

  • Print
NEWS media reported that transnational scammers in May attacked three Bangladeshi commercial banks' networks and stole around Tk 25 crore from Dutch Bangla Bank Limited (DBBL) while two other banks — NCC Bank and Prime Bank — claimed they however managed to avert financial losses.
Intelligence agencies said hackers planted malware in the DBBL's switch (Card Management System) around three months ago and made a perfect replica of it, which the bank could not detect. When hackers went for transactions last month, the proxy or the shadow switch gave instructions to release funds, keeping the bank completely in the dark. Hackers made off with around $3 million between May 1 and 3 from cash machines in Cyprus, Russia and Ukraine. Hackers used credit cards and Personal Identification Numbers (PINs) of the DBBL to steal the money.
The DBBL came to know about the fraud when Visa — a global payment solution provider — asked it to settle payments for transactions made by the bank's "clients" in Cyprus. Initially, the DBBL refused to pay as its server didn't show any of the transactions. Then Visa came up with "solid proof", and the bank was compelled to pay. Around a couple of weeks later, the DBBL's nine ATMs have fallen prey to an international hacker group that stole around Tk 16 lakh on May 31. Law enforcers later arrested six Ukrainians in connection with the theft. After the hacking attempt, the bank suspended payments through the automated cheque processing system for a few days.
Out of 58 banks in the country, only three — Eastern Bank Limited, City Bank and Mutual Trust Bank Limited — have got certification for complying with the Payment Card Industry Data Security Standard. What's clear is that other banks are not making enough investments to strengthen their IT Security and Human Resources, and this is one of the key reasons for vulnerabilities in their cyber security systems. It's also surprising that many banks went for automation without sufficient IT infrastructure. We must say, without strengthening IT security system it would impossible for the banks to operate smooth financial transactions in the coming days.  

More News For this Category

Container jam in Chattogram Port worries business people

AS bulk number of imported goods in 7000 containers remained abandoned in Chattogram Port, the Port has been facing space crisis for the last several days. Ineptness in container handling

Check mob beating

IN the last six months, 36 people were killed by mobs. In the last five days, eight, including two women, were killed and at least 30 others were injured. Shockingly,

Science Education

Gazi Md. Abdur Rashid :Science has got an important role in shaping human society. This is an age where the modern society is completely drawn into the scientific environment and

Interpol Needs Reform

Dr. Forqan Uddin Ahmed :Interpol, the world's leading police-cooperation body, aims to "connect police for a safer world." Although the organisation's constitution states that Interpol cannot engage in "any intervention

Invest more and more in health, education sectors

BANGLADESH is facing huge population and development related challenges owing to high prevalence of child marriage, early pregnancy, and sluggish progress in family planning and poor youth unemployment. The challenges

Stand beside flood-hit people

DIFFERENT kinds of waterborne diseases have begun spreading as floodwater started receding across the country. But in the post-flood scenario, many people are suffering from diarrhoea, skin diseases, dysentery, cholera

Chasing Sensationalism

Syed M. Fuad :As of July 22, 2019, northern regions of Bangladesh have been afflicted by some of the worst floods in recent years. Rain swollen rivers have broken through

Run To The Moon

Afridi Raihan :The Apollo 11 moon landing was a very important part of history. Since the Americans got to the moon first, they got more popularity over the people. This

Police can't force anyone to confess!

AYSHA Siddika Minni has been forced to confess her involvement in the murder of her husband Rifat Sharif, her father alleged. He made the claim after meeting Minni at the

Taking law in own hand is an ominous sign

MOBS beat to death five people, including two women, and injured 10 others on suspicion of being child kidnappers across the country on Saturday. The incidents happened just a day