The security breach detected by Bangladesh Cyber ​​Security Intelligence (BCSI), which recently occurred in dual currency credit cards of some cardholders, is deeply worrying. The BCSI found that cybercriminals carried out some unauthorized transactions using multiple dual-currency credit cards from different banks by illegally obtaining data from social media ad management platforms.

The seriousness of the situation is reflected in Bangladesh Bank’s (BB) recent circular issued through its Information and Communication Technology department, warning commercial banks against rising cyberattacks and malware. Fortunately, the central bank also mentioned 17 cybersecurity measures for banks, including one-time passwords for each transaction, multi-factor authentication and limiting the number of login attempts. Unfortunately, the previous regime, under the guise of improving cybersecurity and ending cybercrime, focused solely on suppressing dissent. As a result, our cybersecurity agencies have not been able to develop the capacity to adequately combat cybercrime, especially given the frequency and sophistication of the attacks we witness today. However, it is never too late to take steps in the right direction, as BB recently did. The financial watchdog not only alerted banks and financial institutions but also delegated an official to oversee the implementation of the cybersecurity measures it proposed.

While we welcome the actions of the central bank, we also urge banks and financial institutions to be more proactive in ensuring the financial security of their customers. Measures such as updating their cybersecurity systems or using artificial intelligence or machine learning to detect unusual trends in attacks against bank identification numbers are not enough. They should also inform their customers about the potential risk of sharing personal data online and suggest ways to protect their data online. However, given the sophistication of the technology used by cybercriminals, it is unrealistic to think that simply raising user awareness about cybersecurity can prevent such digital financial crimes. Banks and financial institutions need to invest in better online technology and improved security protocols to prevent cyberattacks and malware. The government, on the other hand, should review and ensure that our laws and regulations on online financial crimes prioritize and protect the interests of consumers and ensure compensation for victims.