KARACHI: The banking industry needs to be more focused now on preventing fraud in e-banking transactions.
This was the general consensus of the industry experts who expressed their professional opinion at the panel discussion `Managing Fraud within e-banking arena' at the 9th Annual International e-banking Conference organized by Total Communications and Pakistan software Export Board at a local hotel on Thursday.
The panalist comprising Banking and Technology Industry specialists highlighted the ever-increasing use of banking services through alternate channels.
Common citizens are using more and more debit cards and internet banking in Pakistan. Online transactions have increased exponentially.
Branchless banking has increased manifold and is being offered from many under-services areas.
In this scenario, it was pointed out, chances of fraud in the electronic banking transaction have also increased.
Therefore, the banks need to be more vigilant and that they should develop infrastructure that can support anti-fraud mechanism.
Cost of such initiatives is on the higher side now but with the advancement in technology it is expected that this will be manageable in coming years, they informed the august gathering of industry and banking professionals.
Earlier, speakers from Pakistan and abroad apprised the audience of the latest advancement in electronic banking and related technologies.
Presentation of Kumail Morawala on Cloud Computing started the conference. This new technology can revolutionize how the data is stored and handled, he told the audience.
Shahjehan Larik, Ayub Butt, Bassam Mardini, Niel Beckley and Igor Bakhtin also spoke on the occasion on different aspects of electronic, core, transactional banking and cash management.
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