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Seminar: Ensure maximum security for online transactions

  • Published at 10:46 pm July 10th, 2018
Photo: Bigstock

Around 6 million online transactions worth Tk1,060 crore takes place in the country every day, according to financial experts

Citing an increase in the online payments and use of credit, debit and electronic gift cards, financial security experts have called for introducing new measures to ensure maximum security for online transactions.

They made these recommendations on Tuesday at a seminar on “Payments, Identity and Security” jointly organized by payment and identity security company Entrust DataCard and their local representative LEADS Corporation Ltd at a hotel in Dhaka.

Speaking at the seminar, Bangladesh Bank General Manager Lila Rashid explained that there are currently four types of payment systems in Bangladesh: cash, paper-based, card-based, and electronic.

“After the manual, semi-automated payment experience, we have now entered the fully automated transaction system,” she said, adding that the Bangladesh Bank now completes transactions with three types of automated platforms: Bangladesh Automated Clearing House (BACH), National Payment Switch Bangladesh (NPSEB), and Bangladesh Real-time Gross Settlement System (BD-RTGS).

Attendees at the seminar were given a rundown on the methods of securing confidential data and identities by consultants from Entrust Datacard and LEADS.

In a presentation titled “Trends and Emerging Technologies for Digital Payment and Security,” the consultants said banks were regularly introducing various types of cards through their digital payment systems. The government utility bills are also a part of this automated system now, they added.

In addition, the usage of mobile financial services demand security of these transactions and identity information.

Speakers said at present, 53 banks in the country offer payment cards to their customers, while 12 of these offer internet banking services. There are 61 billion mobile banking accounts and 800,000 mobile banking agents. 

Every day, around six million transactions take place around the country through this automated system, amounting to around Tk1,060 crore, they added. 

Most of the small e-commerce sites in the country also use this system.

The speakers also mentioned that “omni-channel” or multipurpose transaction system 

has become very popular in Bangladesh.

Posts, Telecommunication and Information Technology Minister Mustafa Jabbar attended the seminar as the chief guest, while State Minister for ICT Zunaid Ahmed Palak was present as the guest of honour. 

Lila Rashid, general manager of Bangladesh Bank‘s Payment Systems Department, Angus McDougall, regional vice-president for the Asia Pacific region at Entrust Datacard, Ranjit Nambiar, and LEADS Corporation CEO and Managing Director Shaikh Abdul Wahid were also present at the event, among others.