Summary

Bangladesh Bank has issued a circular through which it tries to combat the recent increasing number of cyberattacks on the banking sector by requesting commercial lenders to implement a 17-point anti-heist measure. The central bank has overseen some illicit transactions on Facebook ad managers in some banks by dual-currency cards. The central bank also warns the bank that the trend of cyber heists is alarming and it creates several problems for the general customers. So the regulatory body has asked the banks and other financial institutions to inform them in case of any data breach or ransomware attack. Additionally, banks are instructed to increase security methods, limit card number verification attempts, and use AI-driven fraud detection systems. BB also recommends monitoring transaction patterns and reinforcement of cyber-security measures.

Context

The central bank of Bangladesh warns banks and other financial institutions to set up 17-point anti-heist guardrails in response to the increasing number of cyber-attacks in the banking system.  

According to sources, Bangladesh Bank’s Information and Communication Technology Department issued a circular reportedly stating that Bangladesh Cyber Security Intelligence (BCSI), during its routine security intelligence, found some illicit transactions via dual-currency cards used on Facebook’s Ad Manager. 

BB also raised concerns about the trend of cyber attacks in the banking system, as it directly affected the general customers very badly. 

To prevent the repetition of such digital fraud in the banking system, the regulatory authority instructs banks and other final institutions to follow a 17-point security guideline on an immediate basis. They also have been advised to inform the central bank in case of any potential data breach or ransomware attack right away.

Banks are advised to strengthen safety measures such as biometric authentication and require CVV verification for each transaction, one-time password (OTP), and the use of 2FA/MFA for all financial transactions.

The banks and financial institutions have been directed to limit the number of times a card number can fail verification before being blocked or blacklisted. It is recommended that an effective fraud-detection system fueled by AI (artificial intelligence) be used to counter any cyber-heist attacks.

Commercial lenders are required to regularly monitor transaction patterns for potential irregularities indicating a BIN attack, such as an unusually high number of denied transactions.

Regular monitoring, review, and reinforcement of cyber-security measures such as firewalls, intrusion-detection systems, intrusion-prevention systems, and access control are also important to prevent cyber heists. 

Additionally, regular skill and security training for employees to identify and combat potential cyber security attacks is recommended. 

Picture and Article Source: The Financial Express