Bangladesh Bank has urged all banks and financial institutions to implement strict security measures for increased risk of cyber attacks.

Bangladesh Cyber ​​Security Intelligence (BCSI) has detected a significant increase in unauthorized transactions using dual currency cards linked to Facebook ad managers, the central bank’s Information and Communication Technology Department said in a letter issued to all banks recently.

“These illegal activities have resulted in financial losses for numerous customers. Cybercriminals exploit social media platforms to target unsuspecting individuals and conduct fraudulent activities.”

Bangladesh Bank highlighted the global rise in cyber threats and expressed concern about the growing vulnerability of the country’s banking system.

The central bank said banks reported frequent malware attacks.

In response to the growing threat, the central bank has outlined 17 essential security measures that banks must implement immediately, the letter added.

Key security measures include implementing robust authentication such as biometrics and OTP, and using AI to detect irregular transaction behavior such as BIN attacks. Sensitive information such as BIN numbers should be handled securely and shared minimally.

Training employees on phishing prevention, as well as keeping firewalls and access controls up-to-date, is crucial.

Banks are advised to have a detailed data breach incident response plan, use continuous network monitoring, and collaborate with other institutions to share threat intelligence and best practices.