Thursday, December 12, 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

Choudhury Atiur Rasul, Director of PRAN-RFL Group Limited, receiving the highest VAT payer's award for 2017-2018 from Finance Minister AHM Mustafa Kamal at a programme held in the city on Tuesday. RFL Electronics Ltd, Habiganj Agro Ltd and Natore Agro Ltd received the award in production category respectively. Top officials of concerned company were also present.

Choudhury Atiur Rasul, Director of PRAN-RFL Group Limited, receiving the highest VAT payer's award for 2017-2018 from Finance Minister AHM Mustafa Kamal at a programme held in the city on Tuesday. RFL Electronics Ltd, Habiganj Agro Ltd and Natore Agro Ltd received the award in production category respectively. Top officials of concerned company were also present.

.

Death anniversary of NBL Chairman's father observed

Business Desk :A special prayer and mass feast and blanket distribution programme was held on the occasion of the death anniversary of late Mokfor Uddin Sikder, father of National

Bourses bounce back

Economic Reporter :Country's premier bourse, Dhaka Stock Exchange (DSE), on Tuesday bounced back to the green overcoming the bearish sessions demonstrated by choppy trading.The optimistic investors' buying appetite was

AIBL launches Islamic Wallet

Economic Reporter :Al-Arafah Islami Bank Limited has launched 'Islamic Wallet' -a Shariah based Digital Financial Service with D Money Bangladesh Limited as strategic partner to facilitate transactions with Digital

Kamal Mojumder for creating entrepreneurs from backward community

Economic Reporter :State Minister for Industries Kamal Ahmed Mojumder on Wednesday called for creating new entrepreneurs from the backward community, especially women, as part of the preparation for fourth

NZ keen to expand trade ties with BD

Economic Reporter :New Zealand on Wednesday expressed its keenness to develop existing trade relations with Bangladesh, especially in health technology, energy, marine transport, telecommunications, aviation, food and agriculture sectors.Trade

Syed Rafiqul Haq, AMD of Mutual Trust Bank Limited, receiving the 'Excellence in Mastercard Co Brand Business 2018-19 & Pioneer in Mastercard Contactless Credit Issuance 2018-19 Award' from Md. Ashadul Islam, Senior Secretary of Financial Institutions Division of Finance Ministry organized by Mastercard Bangladesh at a hotel in the city recently. Ahmed Jamal, Deputy Governor of Bangladesh Bank, JoAnne Wagner, Charged' Affairs of US Embassy in Dhaka and Syed Mohammad Kamal, Country Manager of Mastercard Bangladesh were also present.

Syed Rafiqul Haq, AMD of Mutual Trust Bank Limited, receiving the 'Excellence in Mastercard Co Brand Business 2018-19 & Pioneer in Mastercard Contactless Credit Issuance 2018-19 Award' from Md. Ashadul Islam, Senior Secretary of Financial Institutions Division of Finance Ministry organized by Mastercard Bangladesh at a hotel in the city recently. Ahmed Jamal, Deputy Governor of Bangladesh Bank, JoAnne Wagner, Charged' Affairs of US Embassy in Dhaka and Syed Mohammad Kamal, Country Manager of Mastercard Bangladesh were also present.

.

ADB to disburse $333m for power, transportation sectors

Economic Reporter :The Asian Development Bank (ADB) will provide US$333.26 million loans for expansion of power transmission lines and designing the Dhaka Mass Rapid Transit (MRT) line.In this regard,

BB to release new Taka 50 note on Dec 15

BB to release new Taka 50 note on Dec 15

Economic Reporter :Bangladesh Bank (BB) is going to release new Taka 50 note on December 15 as there is some similarities between the existing Taka 10 and Taka 50

Climate smart agriculture raises productivity: Experts

Economic Reporter :Experts on Wednesday underscored the need for adopting climate smart agriculture technology (CSA) to increase productivity in the greater agriculture sector as an estimated 5.3 million poor