State Bank issues rules to protect internet banking

KARACHI – The State Bank of Pakistan has issued regulations for security of internet banking to provide a minimum set of operational, administrative, technical and physical safeguards to secure internet banking offered by the banks in the country.According to a statement issued by the bank here on Wednesday, these regulations would be effective from April 1, 2016. The bank has taken this action in view of increasing usage of internet banking in the country, and to protect and safeguard the interest of its customers and users.These regulations would help in minimising the security risks associated with internet banking and will introduce best international practices for safeguarding this important delivery channel.

Banks under these regulations are required to implement two-factor authentication and initiate a formal customer awareness programme to increase awareness of the security threats and other risk associated with internet banking as well as liabilities, roles and responsibilities of the customers and banks related to internet banking.


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