State Bank to freeze bank accounts

In the context of the recent hacking attempt on Bank Islami, the spokesperson of the State Bank of Pakistan (SBP) professed that focusing on IT security and monitoring systems would help avoid ‘international hackers’.

A strict monitoring system is the need of the hour in the banking system which will not allow any hackers to hijack the system and have access to any account, he said while talking to a private news channel.

Furthermore, if a bank account holder receives any information from any source other than the bank, his account might have been the victim of hacking attempts and he should seek help from the bank to block his card and the account if necessary.

Since the security network is being further enhanced, if an account holder does not receive a text message upon depositing or withdrawing any amount from the bank, he/she should contact the bank immediately.

Earlier Bank Islami Pakistan lost Millions of Dollars in a cyber attack in the result of which the bank had temporarily restricted usage of its cards for overseas transactions. The State Bank of Pakistan then issued directives to all the banks to ensure the security of all payment cards in the country and monitor, on a real-time basis, the usage activity of their cards, especially overseas.

We do hope that implementing a strong security policy will keep the hackers at bay and will prevent banks and their users from further loss.

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