KARACHI: State Bank of Pakistan (SBP) on Wednesday issued ‘Regulations for the Security of Internet Banking’ in order to provide a minimum set of operational, administrative, technical and physical safeguards to secure internet banking offered by the banks in Pakistan.
Chief Spokesman SBP Abid Qamar told Jasarat Website that the decision was taken viewing 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,’ he said.
He said banks under these regulations were 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 . These regulations would be effective from 1st April, 2016.
