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

The gravity of the situation is reflected in the recent Bangladesh Bank (BB) circular issued by its information and communication technology department warning commercial banks about the rise in cyber attacks and malware. Fortunately, the central bank also mentioned 17 cybersecurity measures for banks, including unique passwords for each transaction, multi-factor authentication, and limiting the number of login attempts. Unfortunately, the previous regime, under the guise of improving cyber security and stopping cyber crime, focused exclusively on suppressing dissent. As a result, our cyber security agencies have failed to develop the capacity to adequately address cybercrime, especially given the frequency and sophistication of attacks we are witnessing today. However, it’s never too late to take steps in the right direction, which BB did recently. The financial watchdog not only alerted banks and financial institutions, but also delegated an official to oversee the implementation of the cyber security measures it suggested.

While we welcome the central bank’s actions, we also urge banks and financial institutions to be more proactive in ensuring the financial security of their customers. Measures such as keeping their cybersecurity systems up-to-date or using artificial intelligence or machine learning to detect unusual trends in bank ID number attacks are not enough. They must also educate 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 applied by cybercriminals, it is not realistic to expect that simple cyber security awareness among users can prevent such digital financial crimes. Banks and financial institutions need to invest in better online technology and improved security protocols to prevent cyber and malware attacks. The government, on the other hand, should review and ensure that our online financial crime laws and regulations prioritize and protect the interests of consumers and guarantee compensation to victims.