Staff Reporter :
The Bangladesh Bank (BB) has urged all banks and financial institutions to implement stringent security measures in response to an increased risk of cyberattacks. According to a recent notice from the central bank’s Information and Communication Technology Department, Bangladesh Cyber Security Intelligence (BCSI) has detected a significant rise in unauthorized transactions involving dual currency cards linked to Facebook ad managers.
“These illicit activities have led to financial losses for numerous customers. Cybercriminals are exploiting social media platforms to target unsuspecting individuals and carry out fraudulent transactions,” the notice stated. Bangladesh Bank emphasized the global surge in cyber threats and expressed concerns about the growing vulnerability of the country’s banking system, citing a rise in malware attacks reported by local banks.
In response, the central bank has issued a directive with 17 essential security measures that banks must implement immediately. Key recommendations include adopting robust authentication methods such as biometrics and one-time passwords (OTPs), and using AI to detect irregular transaction patterns, including Bank Identification Number (BIN) attacks. Sensitive data like BIN numbers should be securely managed and shared sparingly.
The guidelines also stress the importance of employee training to prevent phishing attacks, maintaining updated firewalls, and enforcing strict access controls. Banks are advised to implement a comprehensive incident response plan for data breaches, use continuous network monitoring, and collaborate with other financial institutions to share threat intelligence and best practices.
