1LINK (Pvt) Limited on Sunday said no cyber threat had been observed on the automated teller machine (ATM) and online banking ecosystem in the country as a “false message” was being circulated on different social media platforms, it cautioned.
“This is to inform general public and allay the fears created by a false message being circulated on different WhatsApp groups and social media platforms, warning people to avoid using ATMs and online banking in Pakistan,” 1LINK, which is owned by a consortium of 11 banks, said in its press release.
Policy roundtable on cyber security held
It advised the public not to pay any attention to what it called hoaxes and to consult their banks for any guidance.
“The State Bank of Pakistan (SBP) is actively working with banks and 1LINK to maintain the security of Pakistan’s financial infrastructure and digital payments ecosystem, ensuring compliance with stringent IT and security guidelines.
“Thus far, no cyber threat has been observed on the ATM and online banking ecosystem in this context, and the financial service industry remains vigilant as ever before,” the statement read.
A similar scare surfaced in 2017 during the ‘Wannacry Ransomware,’ cyber attack, which targeted Microsoft Windows machines, including those used by banks, it added.
“However, the Pakistan banking sector successfully defended against those attacks in 2017.”
For public awareness, the press release also mentioned some general rules to be followed such as not to share payment cards or personal and financial information, such as card number, PINs, OTP, user ID, and password, with anyone.
“Be watchful of your surroundings while banking at ATMs, branches, or online, and report suspicious activities immediately,” it advised.
The central bank has repeatedly urged its affiliates to adopt digital frameworks. The digitalisation push offers numerous benefits, including curbing the black economy and expanding the tax net through a more transparently documented economy.
However, digitalisation comes with its own challenges, including cyber-security threats, technology awareness gaps, user education needs, and policy loopholes.
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