BB to ask banks to follow int’l security standard of PCI

Card-Based Transactions
BB to ask banks to follow int’l security standard of PCI
Bangladesh Bank will ask scheduled banks to follow the international security standard while operating their card-based transactions to avoid fraudulent acts and forgeries, central bank officials told New Age on Tuesday. Major card brands including American Express, Discover Financial Services, Japan Credit Bureau, MasterCard Worldwide and Visa International established the Payment Card Industry and suggested 12 requirements to secure the card-based transactions.
The BB will issue a circular to managing directors and chief executive officers of all banks in the quickest possible time asking them to follow the requirements in line with the PCI suggestions so that the clients can conduct financial transactions securely through their credit and debit cards, a central bank official told New Age on Tuesday.
According to the requirement, the banks will have to set up firewall configuration to protect cardholder data.
The firewall is a system designed to prevent unauthorised access to or from a private network.
The firewall can be implemented in both hardware and software, or a combination of both and it is (firewall) frequently used to prevent unauthorised internet users from accessing private networks connected to the intranets, the BB official said.
The BB will ask the banks not to use the vendor-supplied passwords to protect the cardholders’ data as such types of password might be hacked, he said.
The banks will have to create own password to protect the interest of the cardholders.
The banks will have to use confidential network among the officials when they use the cardholders’ data, he said.
The banks will have to impose required restriction for business organisations like shopping mall to the banks’ card holder data.
The clients usually pay their purchased bill through the credit and debit cards when they buy anything from
the business organisations. For this reasons, the business organisations need to use the cardholders’ data.
Only identified and authenticated officials of the banks will be able to get access to the cardholders’ data, the BB official said.
The banks will have to monitor all types of access to the cardholders’ data centre and conduct security system test regularly. The banks will have to upgrade their secure systems applications regularly for the cardholders’ data.
The official said the country’s card-based transactions had recently widened tremendously while the fraudulent acts also increased in the period.
The latest central bank’s initiative will play a role in decreasing such types of fraudulent acts, he said.

-With New Age input

Related News

Prime Bank opens Japan Desk

Business Desk : dhakamirror.com Prime Bank has officially launched “Japan Desk” with the objective of facilitating cross-border business initiatives and investments between Japan and Bangladesh. Naoki Ito, Japanese ambassador to Bangladesh, and Tanjil Chowdhury, chairman of Prime Bank, inaugurated the special desk at a local hotel in Dhaka, a press release said. “As many Japanese ... Read more

GP, EdTech collaborates to promote digital learning

Business Desk : dhakamirror.com Grameenphone has recently collaborated with Shikho – an EdTech venture in Bangladesh, to promote digital learning. Through this partnership, the connectivity partner to Digital Bangladesh, will host an array of educational content prepared by Shikho on its flagship app MyGP.  MyGP users can now avail of the 70-learning video content directly ... Read more

VLCC Health Care signs MoU with influencer Barisha Haque

Business Desk : dhakamirror.com VLCC Health Care Bangladesh on Saturday has inked an agreement with influencer Barisha Haque for promotion of its “Body after baby” programme. Under this agreement, Barisha Haque will be the delegate of Body after Baby program and shall be responsible to promote and give reviews over the services and products as ... Read more

NRB Bank launches eKYC ‘NRB Quick Account’

Business Desk : dhakamirror.com NRB Bank has formally launched its eKYC named as NRB Quick Account on 29 September at the bank’s Corporate Head Office, Dhaka. Mohammed Mahtabur Rahman, chairman of the bank formally inaugurated the programme, reads a press release. eKYC is a combination of paperless customer onboarding, promptly identifying and verifying customer identity, ... Read more

Fortune Rice Bran Oil observes World Heart Day

Business Desk : dhakamirror.com Fortune Rice Bran Oil, a brand of Bangladesh Edible Oil Ltd, celebrated World Heart Day on 29 September by providing free health services and special discounts on products. The oil company gave free health services at 22 parks in 10 major cities, and branded caravans roamed around major points in Dhaka ... Read more

Shwapno opens new outlet in Bogura

Business Desk : dhakamirror.com Shwapno, the country’s biggest retail chain shop, launched its new outlet in Bogura Upashahar area on Friday. During the inauguration programme, franchisee Mohammad Rashdeul Islam, managing director of Bogura Nursing Home AHM Mushihur Rahman, businessman AKM Rajiullah, Hafej Abdul Gaffar Imam, Shawpno zonal manager Musa Tarek, and outlet manager Siddiqur Rahman ... Read more

Hyundai cars will be assembled locally: South Korean envoy

Business Desk : dhakamirror.com Hyundai cars of Korea will be assembled in Bangladesh by the year end, South Korean Ambassador to Bangladesh, Lee Jang-keun said on Sunday. He said that in recent years, there have been some obvious and significant developments. The majority of Samsung Electronics’ gadgets are produced at Narsingdi in partnership with a ... Read more

Meghna EZ attracts Swiss investments

Business Desk : dhakamirror.com Sika Bangladesh, a subsidiary of Swiss Sika Group, a producer of construction chemicals, would invest US$6 million to develop a 10,000 square meter plant in the Meghna Industrial Economic Zone (Miez) in Sonargaon, Narayanganj. The factory will mainly produce admixtures and grout, an official said. Construction chemical products worth around Tk ... Read more

EBL raises Tk 122.4cr for TMSS

Business Desk : dhakamirror.com Eastern Bank Limited (EBL) has raised Tk 1,224 million (Tk 122.4 crore) through the issuance of zero-coupon bonds for Thengamara Mohila Sabuj Sangha (TMSS), a microfinance institution in Bangladesh. The EBL acted as the lead arranger while MTB Capital Ltd played a role as the trustee of the deal, said a ... Read more

Nagad offers up to 20pc cashback for Puja

Business Desk : dhakamirror.com Mobile financial service Nagad on Monday rolled out a campaign titled “Utshab er Khushi Nagad-a Beshi” on the eve of Durga Puja. Under the campaign, they offered up to 20 per cent cashback and discount for its customers in lifestyle, e-commerce, and restaurant categories at over 50 brand outlets across the ... Read more

GP, Hatil team up to enhance lifestyle

Business Desk : dhakamirror.com Leading mobile phone operator Grameenphone paired up with premium furniture brand Hatil to enhance the lifestyle of its GPStar customers. Selim H Rahman, chairman of Hatil Bangladesh, and Asif Naimur Rashid, chief business officer of Grameenphone, signed the deal at the GPHouse in Dhaka on Monday, a press release said. Under ... Read more

Brac Bank opens 800th agent banking outlet

Business Desk : dhakamirror.com Brac Bank has achieved a milestone of opening the 800th agent banking outlet recently. Nazmur Rahim, head of alternate banking channels of the bank, inaugurated the outlet at Kaziganj Bazar in Habiganj on Monday. The bank serves around 2.10 lakh unbanked people in rural and semi-urban areas through its agent banking ... Read more

Newsweek report praises Walton

Business Desk : dhakamirror.com US weekly magazine Newsweek appreciates Bangladesh’s electric and electronics conglomerate Walton for its growing role in the economic growth and development of the country. The magazine highlighted the country’s development in their recent report, where it mentioned Walton is the corporate pride of Bangladesh whose spectacular growth runs parallel to that ... Read more

Rubana Huq honoured with Human Right Award by CNMI Sustainable Fashion Awards 2022

Business Desk : dhakamirror.com On the occasion of Milan Fashion Week, former president of Bangladesh Garment Manufacturers and Exporters Association Rubana Huq has been awarded the Human Right Award by CNMI Sustainable Fashion Awards 2022. The National Chamber of Italian Fashion, in collaboration with the United Nations Ethical Fashion Initiative, a programme of the International ... Read more

Registration for Banglalink’s ‘ennovators’ begins

Business Desk : dhakamirror.com Banglalink has kicked off the registration process for the sixth season of ennovators, a digital idea-based competition in the country. Ennovators is a platform for creative young people of the country looking to showcase their ideas in the field of digital innovation against the challenges of today’s world. Over the course ... Read more

DHL adjusts Bangladesh price for 2023

Business Desk : dhakamirror.com DHL Express, the world’s leading international express services provider, announced price adjustments today that will take effect on January 1, 2023. The average increase in Bangladesh will be 7.9 %, compared to 2022. “So far, 2022 has been another turbulent year with a volatile market environment challenging global trade. However, we ... Read more

TVS Motor launches new motorcycle

Business Desk : dhakamirror.com TVS Motor Company launched a 160cc motorcycle in Bangladesh yesterday bearing an anti-lock braking system J Ekram Hussain, managing director of TVS Auto Bangladesh, unveiled the TVS Apache 160 2V at a programme in Dhaka yesterday, said a press release. Rahul Nayak, vice-president of International Business of TVS Motor Company, Biplob ... Read more

CPA to start construction works of Bay Terminal in 2023

Business Desk : dhakamirror.com The Chittagong Port Authority on Wednesday informed that they had completed all the preparations, including land acquisition and design, to start the construction works of the Bay Terminal in Chattogram from January 2023. CPA chairman rear admiral M Shahjahan disclosed the information at a press conference at Munshi Fazlur Rahman auditorium ... Read more

Tri-nation firm Gava to invest $25.62m in Dhaka EPZ

Business Desk : dhakamirror.com Gava Private Limited, a company owned by Hong Kong, Sri Lanka and Switzerland, is going to invest $25.62 million at Dhaka Export Processing Zone (DEPZ) to set up a garment manufacturing industry. The company will produce annually 4.4 million pieces of jackets, fleece jackets, t-shirts, polo shirts, sweaters, trousers, coverall, stretch ... Read more

GP received approval to sell used recycled SIMs

Business Desk : dhakamirror.com The telecom regulator recently permitted Grameenphone (GP) to sell unused pre-approved old numbers that had been out of service for more than 450 days, a Bangladesh Telecommunication Regulatory Commission (BTRC) official said. Grameenphone has already started selling SIM cards against its suspended unused numbers, following regulatory approval. But, the ban on ... Read more