KARACHI: Technological solutions and customer awareness are two crucial aspects of combating the rising incidents of financial crimes across the country, said Federal Banking Ombudsman Sirajuddin Aziz.Speaking as a chief guest at the conference\u201d Financial Crimes in the Digital Age\u201d organized by Eastnets and managed by Dellsons Associates here on Saturday, 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 highly qualified, ironically, as against fraudsters who are less educated 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.<\/p>\n
Asian Bank Accounts are frequently reported to be used for fraudulent activities as organized criminals are exploiting this facility for their ease, unfortunately due to the negligence of banks in compliance with KYC of customers, Federal Banking Ombudsman said.
\nNadeem Hussain, Chairman of Pakistan Fintech Network, 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.
\nHe 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.
\nHazem Mulhim, Founder and CEO Eastnets said the fourth industrial revolution is emerging in the world, with Artificial Intelligence is transforming every industry including the financial sector.
\nThe financial institutions need Rs. 400 billion worldwide to revamp its system through the acquisition of cybersecurity technology and capacity building of the workforce. Organized financial crimes are increasing worldwide constituting 2% of the global GDP.
\nThe banking regulator imposed huge penalties on financial institutions for failure to compliance with regulations to prevent the loss of money at the hands of criminals, but regulatory measures are not enough to stop the menace.
\nPakistan 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 whitelist of the Financial Action Task Force (FATF), Eastnets CEO said.
\nThe conference also hosted various panel discussions on the topic of challenges in digital banking, banking compliance, and anti-money laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: Technological solutions and customer awareness are two crucial aspects of combating the rising incidents of financial crimes across the country, said Federal Banking Ombudsman Sirajuddin Aziz.Speaking as a chief guest at the conference\u201d Financial Crimes in the Digital Age\u201d organized by Eastnets and managed by Dellsons Associates here on Saturday, he said the banks […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-370382","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n