PBIF: ATM fraud exposes weaknesses in banking system

F.P. Report

ISLAMABAD: President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday said recent ATM fraud in which hundreds of account holders lost their money has exposed weaknesses in the banking system.

The central bank should immediately direct all the banks to upgrade their IT security to international standards to safeguard the money and confidential information of the accountholders, he said in a statement issued here.

He said many powerful countries are against CPEC and they are trying their best to embarrass Pakistan and tarnish its image by every possible means which also include hacking of banking system.

The data of important departments can also be hacked to use it against Pakistan which should be taken seriously by the authorities and internet security should be declared a matter of the national security, he demanded.

The veteran business leader said that over ten million people are using ATM cards while the monthly transactions through plastic cards have surpassed one trillion rupees, therefore, these people deserve security otherwise ATM cards will lose popularity which will waste the time of masses and put an additional burden on the banks.

He said the banking companies that fail to improve their security systems should face harsh action by the regulator so that an example is set.

Banks can be asked to enhance the number of ATM card pin code from four to eight digits and the authorities can consider induction of biometric verification before every transaction, he opined.