Monday, November 18, 2019 | ePaper

Proactive steps needed to reduce fraud in digital payment system

  • Print
Business Desk :
Visa, the global leader in payments technology, held its annual Visa Risk and Security Conference for its clients and partners in the Bangladesh market at a city hotel recently.
More than 100 stakeholders of the country's payments fraternity, including senior business, risk management, Information Technology and Information Security executives from banks took part in the conference.
International experts from Visa shared global best practices and key insights on critical aspects of digital payments like cyber security, system vulnerabilities mobile payment frauds.
Speaking of the summit, Vipin Surelia, Head of Risk Services of India and South Asia said, "The World Economic Forum identifies large-scale cyber attacks as the 5th biggest risk facing the world in 2019 and emerging markets are more vulnerable to such attacks."
"So need to take proactive steps to identify, and mitigate risks and reduce fraud incidents. Visa continuously engages with its partners and the regulators in the country to fight fraud and create better payment infrastructure," he added.
He further said over 30 years, Visa has played a vital role in enabling digital payments in Bangladesh.
 Md Mahbubur Rahman Alam, Associate Professor of Bangladesh Institute of Bank Management, emphasized on the importance of IT Governance and need for Board and Senior Management to be actively involved in cyber security.
He also urged the participants to be prepared for eventualities and laid stress on hiring trained professionals in IT and Information Security.
In recent times, Bangladesh has witnessed considerable growth in digital payments. According to a recent BIBM survey, non-cash payments through various channels is growing at around 53%, as more consumers shop online and use credit and debit cards at retail outlets.
Visa's security and risk experts stressed that as more sophisticated payment methods emerge, it is important to have robust security infrastructure and for banks to ensure that the data and transactions of their customers are protected at all times.
The summit highlighted the need for trained and skilled IT professionals who can identify and deal with potential risks in order to fight the continuous battle with fraud.

More News For this Category

Eric Hwang, Managing Partner of Graval (HK) and Reshma Mohsen, Chairperson of Effective English Development Partner (EEDP), pose for photograph after signing a MoU at its head office in the city recently. Top executives from both the sides were also present.

Eric Hwang, Managing Partner of Graval (HK) and Reshma Mohsen, Chairperson of Effective English Development Partner (EEDP), pose for photograph after signing a MoU at its head office in the city recently. Top executives from both the sides were also present.

.

Regional industrialisation crucial for sustainable dev: BCI President

Rangpur Correspondent :President of Bangladesh Chamber of Industries (BCI) Anwarul-Ul-Alam Chowdhury Parvez has said industrialization at regional levels is crucial to create employment for attaining sustainable national development."It will

Bourses display upbeat

Economic Reporter :Country's premier bourse, Dhaka Stock Exchange (DSE) on Sunday witnessed a choppy session and ended remained afloat on the first trading day of the week.Throughout the session

Taxpayers rushing to tax fairs across the country

Economic Reporter :The enthusiastic taxpayers are rushing to the Income Tax Fairs-2019 now being held at the divisionals and district headquarters across the country.In the first three days at

PRAN wins ABBC award in Australia

Business Desk :PRAN Foods Limited has recently won the Australia-Bangladesh Business Council (ABBC) award 2019 as a Fast-Moving Consumer Goods (FMCG) company in Australia.The award has been given through

Quazi Osman Ali, Managing Director of Social Islami Bank Limited (SIBL), inaugurating an ATM Booth at Shahjahanpur in the city on Sunday. Senior officials of the bank and local elites were also present.

Quazi Osman Ali, Managing Director of Social Islami Bank Limited (SIBL), inaugurating an ATM Booth at Shahjahanpur in the city on Sunday. Senior officials of the bank and local elites were also present.

.

Dr. Jamaluddin Ahmed, Chairman of Janata Bank Limited, presiding over the 2nd Task Force Meeting 2019 of the bank at its head office in the city on Sunday. Md. Abdus Salam Azad, CEO, Md. Ismail Hossain, Md. Zikrul Hoque, Md. Abdul Jabber, DMDs, all GMs and respective DGMs of the bank's were also present.

Dr. Jamaluddin Ahmed, Chairman of Janata Bank Limited, presiding over the 2nd Task Force Meeting 2019 of the bank at its head office in the city on Sunday. Md. Abdus Salam Azad, CEO, Md. Ismail Hossain, Md. Zikrul Hoque, Md. Abdul Jabber, DMDs, all GMs and respective DGMs of the bank's were also present.

.

Danish firm launching 'Livelong solution' in BD

Economic Reporter :Novozymes, a Danish company, is launching the 'Livelong solution' for the first time in Bangladesh, a market that is known for being one of the leading garment

No rice crisis expected: Minister

Economic Reporter :Food Minister Sadhan Chandra Majumdar on Sunday said that there should not be any problem with rice price as happened in the case of onion."I have learned

Global efforts needed to prevent money laundering: Kamal

Economic Reporter :Finance Minister AHM Mustafa Kamal on Sunday urged the world community to work together for preventing money laundering and terrorist financing."We want to live in a peaceful