Pakistan’s Banking Sector Has Lost Billions in Over A Dozen Cyberattacks

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Executive Director of State Bank of Pakistan’s (SBP) Banking Services Group, Dr. Inayat Hussain, has revealed that Pakistan’s banking industry has been the prime target of cybercriminals in the past several years and has lost billions of rupees in more than a dozen state-sponsored cyberattacks.

While addressing the 13th International Mobile Commerce Virtual Conference, Dr. Inayat stressed upon the banking sector to adopt Artificial Intelligence (AI) based solutions for timely detection and thwarting cyberattacks.

He said that AI technology offers numerous tools for the identification and verification of account holders, adding that Machine Learning and Big Data Analysis would prove effective against cyberattacks.

AI would enable banks and financial institutions to pinpoint dubious and fraudulent transactions along with identifying account holders depositing or withdrawing unusually large sums of money.

He added that the banking sector should improve the verification process of the credentials of the account holders in a bid to curb money laundering.

Federal Secretary Information Technology and Telecommunications Ministry, Shoaib Ahmed Siddiqui, said that the Federal government is making efforts to introduce 5G technology in Pakistan that would allow the digital payment mechanism in the country to grow.

In this regard, Pakistan Telecommunication Authority (PTA) in January had authorized PMCL (Jazz) and CMPak (Zong) to conduct 5G tests and trials on a non-commercial basis.

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