By Syed Wahaj Ahmed
Banking industry mentors have urged local people to avoid unknown calls or messages with a view to safeguarding themselves from cyber crimes and combating social engineering frauds in the digital age.
They said during speaking at the conference “Financial Crimes in the Digital Age” organised by Eastnets in collaboration with Dellsons Associates held at Karachi local hotel on Saturday.
They said and advised people not to respond to and pick up unknown calls. They said cyber criminals are smarter and bolder than ever. They use messaging networks and channels to inject fraudulent payments and transfer money across country borders. They said they (criminals) are finding even more avenues for fraud through digital and open banking channels. With financial cyber crime coming at institution from every direction, it is increasing challenging to protect high value assets, detect the real thing when it comes to fraud, and void costly false alarms.
Technological solutions and customer awareness are two crucial aspects of combating the rising incidents of financial crimes across the country, Federal Banking Ombudsman Sirajuddin Aziz said this while speaking as a guest of honor at the event.
He said the banks should continue to upgrade their systems towards strengthening the data security of their customers, besides bringing reforms to plug the loopholes in the practices and mechanisms that made the data of customers accessible to white collar criminals.
He mentioned that victims of financial crimes in Pakistan are well educated, ironically, as against fraudsters who are less qualified but tactical in deceiving the public into getting their credentials to steal money from bank accounts; therefore, the need for awareness among bankers and customers of banks is high and ongoing.
Pakistan Fintech Network Chairman Nadeem Hussain said the banks should have a prime responsibility to build a culture of awareness on data privacy within the system and then among customers on a priority basis with investment in technology and education.
He pointed out that the personal details of customers, including OTPs, are easily compromised in this digital age being available on the dark web, which could be protected as banks must adopt new software and applications and customers build habits to change their passwords again and again.
Eastnets Founder and CEO Hazem Mulhim said the fourth industrial revolution is emerging in the world with Artificial Intelligence (AI), while transforming every industry including the financial sector.
He said Pakistan is an emerging and important market for the financial sector, which keeps its system updated with advanced technological solutions to maintain its position on the white list of the Financial Action Task Force (FATF).
Moreover, Justice Zafar Ahmed Rajput chaired the proceedings of the programme as a chief guest.
Technical panel sessions: the conference also hosted various panel discussions on the topic of challenges in digital banking, banking compliance, and anti-money laundering.
According to the website of Eastnets, Eastnets is a global provider of compliance and payment solutions for the financial services sector. Experience and expertise of the provider help ensure trust at 800 financial institutions across the world, including 11 of the top 50 banks. For more than 35 years, it has worked to keep the world safe and secure from financial crime. It does it by helping its partners manage risk through screening, monitoring, analysis, and reporting, plus state-of-the-art consultancy and customer support.
