1LINK (Pvt) Limited on Sunday said no cyber threat had been observed on the automated teller machine (ATM) and online banking ecosystem in the country as a “false message” was being circulated on different social media platforms, it cautioned.
“This is to inform the general public and allay the fears created by a false message being circulated on different WhatsApp groups and social media platforms, warning people to avoid using ATMs and online banking in Pakistan,” 1LINK, which is owned by a consortium of 11 banks, said in its press release.
Policy roundtable on cyber security held
It advised the public not to pay any attention to what it called hoaxes and to consult their banks for any guidance.
“The State Bank of Pakistan (SBP) is actively working with banks and 1LINK to maintain the security of Pakistan’s financial infrastructure and digital payments ecosystem, ensuring compliance with stringent IT and security guidelines.
“Thus far, no cyber threat has been observed on the ATM and online banking ecosystem in this context, and the financial service industry remains vigilant as ever before,” the statement read.
A similar scare surfaced in 2017 during the ‘Wannacry Ransomware,’ cyber-attack, which targeted Microsoft Windows machines, including those used by banks, it added.
“However, the Pakistan banking sector successfully defended against those attacks in 2017.”
For public awareness, the press release also mentioned some general rules to be followed such as not sharing payment cards or personal and financial information, such as card number, PINs, OTP, user ID, and password, with anyone.
“Be watchful of your surroundings while banking at ATMs, branches, or online, and report suspicious activities immediately,” it advised.
The central bank has repeatedly urged its affiliates to adopt digital frameworks. The digitalisation push offers numerous benefits, including curbing the black economy and expanding the tax net through a more transparently documented economy.
However, digitalisation comes with its own challenges, including cyber-security threats, technology awareness gaps, user education needs, and policy loopholes.
Last month, a cybersecurity company advised Pakistani citizens that public Wi-Fi networks should only be used when absolutely necessary due to their potential security vulnerabilities.
Experts informed Business Recorder that once connected with public Wi-Fi networks, personal information such as social media logins, banking details and email addresses become vulnerable to interception and misuse.
Moreover, it also has been advised to follow some strict guidlines related to phone numbers security to protect digital identity of Pakistani mobile phone subscribers.
This is necessary to avoid unauthorised access to important personal and financial information of mobile phone users in the country, a cybersecurity company said.
Meanwhile, Pakistan is set to establish ‘National Cyber Security Authority’ by next year and making it mandatory for organisations to deploy the security-certified infrastructures with effect from July 2028 to foil attempts for data breach and cyber attacks on national institutions and private organisations from beyond the borders.
Speaking at a conference titled ‘InfoSec 2024’ organised by Total Communications here last month, Dr Haider Abbas, Director General/ HeadNational Cyber Emergency Response Team (CERT), said the National CERT would be transformed into the National Cyber Security Authority of Pakistan in 2024 or the next year.
The number of overall cyber threats in Pakistan increased by 17% in 2023 as compared to 2022, according to Kaspersky, a multinational cybersecurity and anti-virus provider.
Kaspersky said it blocked 16 million cyber attacks in Pakistan in 2023.
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