KARACHI: State Bank of Pakistan (SBP) has issued the regulations for the 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 Pakistan.
These regulations will be effective from April 01, 2016, said SBP statement here on Wednesday.
SBP 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 will help in minimizing 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 program 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.
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