E-crime syndicate attacking financial institutions in Pakistan. Are our bank accounts safe?

How old have we seen our banks using computerized banking systems? Probably not more than 10 years? Are our banking computerized systems secure enough to pass on the hacking shocks?Apart from security, reliability of the system is another factor. I have experienced this umpteenth time that ATM link is down or when i visit to clear an online cheque for a remote branch, I have to wait – the reason is sir, system down hai!

There have been some kind of advances when it comes to utilizing technology for banking in Pakistan but certainly we are far behind than other nations! It took me six months to get an internet banking account from my Bank but then i didn’t utilize it because it was out of this world! I had to first get written permission from the bank to whom i wanted to transfer money (Oh common! Its for your security . For God sake! why don’t you make your system more secure??). It was better i used the physical banking; at least i don’t have to seek permission!

The System – Question here is our computerized system for financial institutions safe? Read this story first:

The Pakistan Economy Watch (PEW) on Sunday called for enhanced security measures as the world’s most powerful e-crime syndicate is again attacking important financial institutions.

Computer security experts should arrange extra layers of Internet security to ensure privacy of digital depositories and save financial as well as personal data of consumers. ‘We are too much concerned about geographical and ideological borders while defence of our electronic frontiers has taken a backseat, said Dr Murtaza Mughal, President PEW in a statement issued on Sunday.

Defence of economic and technological infrastructure is also very important, he added. Last year St. Petersburg based, Russian Business Network (RBN) took control of 67 online branches of a major Pakistani bank but the attack was thwarted with the help of some private sector experts before transfers of funds.

The same computer criminals were able to transfer 500 million dollars from a major Indian bank, however, the gang has been plundering institutions and people in the US, EU and Australia since four years inflicting losses to the tune of billions of dollars, he said, adding some spy agencies also use this criminal network for sabotage and other political objectives.

Dr Murtaza Mughal said that Microsoft is the world’s most attacked site outside Pentagon, headquarters of the United States Department of Defence.

He said the IT experts of banks and financial institutions can consider using other operating systems that are not so prone to attacks. The website of cyber crime wing of the FIA has recently been hacked, which is a great challenge. These cyberpunks should be tracked down with the help of digital footprints. Cyber crimes should not be allowed to become a cottage industry in Pakistan, he said. [via Pakistan Press International]

Phewww! 67 online branches came under attack but thank God they were saved. IN recent past, FIA website was also attacked and defaced. How vulnerable is our security! I dont know who is responsible to make these strategic systems more secure. Let’s hope governmen, or FIA or whatever look into this important issue.