KARACHI: The central bank has issued regulations for the security of internet banking.
The State Bank of Pakistan issued the regulations with the aim to provide a minimum set of operational, administrative, technical and physical safeguards to secure internet banking offered by the banks in Pakistan.
The decision was taken 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 will help in minimising the security risks associated with the internet banking and will introduce international best practices for safeguarding this important delivery channel.
Further 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 risks associated with internet banking as well as liabilities, roles and responsibilities of the customers and banks related to Internet Banking. These regulations will be effective from 1st April, 2016.
