Insecure and cheated clients of banks

Corrupt transactions and cheating of clients have once again brought our private banks in the spotlight. This time it has been reported that incidents of illicit transactions were traced by the central bank at least in six ATM booths of a renowned private bank. However, the Bangladesh Bank (BB) refrained from naming any particular bank in this regard. According to BB sources the tech-savvy criminals had withdrawn money by using duplicate cards collecting information of clients' cards and PIN numbers through installing video camera and skimming devices.
Scams of such nature can only happen when banks are poorly equipped to guarantee clients’ financial security, and they can also happen if they are markedly negligent in terms of protecting their ATM booths. The recent scam has occurred due to both stated reasons.
Though BB, after the incident has instructed all private banks to install anti-skimming devices, conduct regular monitoring of video footage besides prohibiting unofficial individuals from installing and repairing any such devices within ATM booths, but this security direction should have been adopted, rigorously monitored and upgraded by all banks on their own responsibilities.   
Given the size and strength of BB’s inspection team, it isn’t possible for it to monitor all private banks with equal attention round the clock. Also its technical resources for identifying banking fraudulence are limited. This fact should be understood implicitly. The private banks will have to function and be extra-vigilant. Therefore, guarantee clients’ financial security under this contextual reality.
At a more technical level, the deceitful transactions were reportedly perpetrated through a device that can collect confidential information from debit or credit cards from ATM machines. This particular point of note should be taken seriously, so to prevent free and easy accessing of personal banking data. Such devices are capable to wreak havoc in a country of millions of debit or credit card holders. Their selling, usage and import should be restricted and closely monitored not only by our banks but by our law enforcement agencies too.   
However, the central bank is still investigating the illegal withdrawing of money by some officials of Eastern Bank Limited (EBL) from a number of its customers’ accounts. Moreover, it has declared not to spare anybody if found connected in siphoning money from EBL's customers’ accounts. BB’s stance has been outright bold in this regard.
The topical ATM scam is not a cyber attack or a technical problem, but a planned and a systematic forgery which requires a well-explained thorough investigation. We call for appropriate compensation for victims of this financial indiscretion and expect to see criminals brought to justice. Last but not least, our banks should draw lessons from this scam. Accordingly prepare and re-arrange their security systems. This crime shouldn’t be allowed to repeat. 

Insecure and cheated clients of banks

Corrupt transactions and cheating of clients have once again brought our private banks in the spotlight. This time it has been reported that incidents of illicit transactions were traced by the central bank at least in six ATM booths of a renowned private bank. However, the Bangladesh Bank (BB) refrained from naming any particular bank in this regard. According to BB sources the tech-savvy criminals had withdrawn money by using duplicate cards collecting information of clients cards and PIN numbers through installing video camera and skimming devices. Scams of such nature can only happen when banks are poorly equipped to guarantee clients financial security, and they can also happen if they are markedly negligent in terms of protecting their ATM booths. The recent scam has occurred due to both stated reasons. Though BB, after the incident has instructed all private banks to install anti-skimming devices, conduct regular monitoring of video footage besides prohibiting unofficial individuals from installing and repairing any such devices within ATM booths, but this security direction should have been adopted, rigorously monitored and upgraded by all banks on their own responsibilities. Given the size and strength of BBs inspection team, it isnt possible for it to monitor all private banks with equal attention round the clock. Also its technical resources for identifying banking fraudulence are limited. This fact should be understood implicitly. The private banks will have to function and be extra-vigilant. Therefore, guarantee clients financial security under this contextual reality. At a more technical level, the deceitful transactions were reportedly perpetrated through a device that can collect confidential information from debit or credit cards from ATM machines. This particular point of note should be taken seriously, so to prevent free and easy accessing of personal banking data. Such devices are capable to wreak havoc in a country of millions of debit or credit card holders. Their selling, usage and import should be restricted and closely monitored not only by our banks but by our law enforcement agencies too. However, the central bank is still investigating the illegal withdrawing of money by some officials of Eastern Bank Limited (EBL) from a number of its customers accounts. Moreover, it has declared not to spare anybody if found connected in siphoning money from EBLs customers accounts. BBs stance has been outright bold in this regard. The topical ATM scam is not a cyber attack or a technical problem, but a planned and a systematic forgery which requires a well-explained thorough investigation. We call for appropriate compensation for victims of this financial indiscretion and expect to see criminals brought to justice. Last but not least, our banks should draw lessons from this scam. Accordingly prepare and re-arrange their security systems. This crime shouldnt be allowed to repeat.