ATM fraud alarming

According to information released by affected banks and the probe committee of the central bank, a cyber crime ring has successfully collected information of 200 card holders and skimmed off Tk 2.5 million from four booths over the last one week. Tracking down the criminals, which include foreigners, is the job of law enforcers, but we are more concerned with why banks have not taken measures to protect their clients from such fraudulent practices. This is more so since most account holders in the urban centres now use ATM facilities to make withdrawals and with about 15 to 20 crore transactions per day using debit and credit cards, it is high time banks install countermeasures to protect against such financial crimes. As per a directive of the Bangladesh Bank (BB), all banks are subject to installing anti-skimming devices in their ATM booths over the next one month.

The use of smart cards (debit & credit) is now a way of life for urban citizens. Given the ease of use and convenience, we simply cannot afford to have any lapses in security. There are some 8.5 million such cards in circulation and some banks have already introduced microchip based cards which acts to protect card holders from precisely this sort of cyber crime. As the technology is there to protect against skimming, there is no excuse not to use it. Now that a circular has been issued by the BB, it is up to the banking sector to respond swiftly to protect their clients from financial scams within the stipulated timeframe.