Defying BB guidelines leads ATM booths at stake

Even though Bangladesh Bank (BB) has taken several initiatives to protect Automated Teller Machine (ATM) booths, none could be implemented so far due to lackadaisical approach from the banks.

Despite several pushes from the central bank to incorporate Security Operation Centre (SOC), only one or two banks have initialized the system. Thus, environment in ATM booths remain precarious, lacking overall safety.

ATM booths remain shut frequently

In the country’s banking sector, nationwide emergency alert was issued thrice this year in fear of cyber-attacks in ATM booths. During this time, banks across the country prohibited all kinds of transactions at ATM booths and online banking apps. As a result, a handful of banks are keeping their ATM booths closed from 11 at night till 7 in the morning. As a consequence, customers face multiple hassles.

17 mishaps in 5 years

In the last 5 years, at least 17 incidents of ATM booth fraud shocked the country. Domestic and foreign criminal circles were involved in these incidents. The Criminal Investigation Department (CID) in investigating these matters. Upon investigation into ths, CID found that during any stage of this the mishap bank officials were either intentionally involved with crime, or their recklessness led to the accident(s).

These cybercriminals steal confidential information through skimming (stealing information protected on card) and cloning (to make a counterfeit card). They are also stealing by installing hidden cameras in booth, malware virus, and by POS machines used to pay money online while shopping at malls. Subsequently through the help of a corrupted bank official or by the card maker they create a counterfeit card to withdraw cash.

Insistence for quality ATM booths

Currently there are 11 thousand ATM booths, and 61 thousand Point of Sales (POS) machines installed across the country. Technology experts are saying, as per the directive of Bangladesh Bank, many banks do not important standard ATM machines.

Moreover, some banks continue to use Microsoft Windows XP, 2000, 2007, 2010 and other old versions of computer system without updating them. As a consequence, ensuring cyber safety becomes difficult, and hackers make use of this loophole to take control of ATMs.