Mobile banking poses operational risks: SBP

STAFF REPORT KHI: Mobile banking creates a heightened level of potential operations risk due to which the banking system despite its major transformation remains restricted in its outreach.

“Solutions that work in wired networks may not be sufficient to address risks for application in a wireless environment and the transfer of information from a wired to a wireless environment can create additional risks to the integrity and confidentiality of the information exchanges,” said Ashraf Mehmood Wathra, Deputy Governor SBP, while speaking at the 8th International Information Security Conference recently held in Karachi.

The conference was organized by Total Communications in collaboration with PISA.

There are five key principles guiding technology risk management in Mobile Financial Services: confidentiality, integrity, availability, authentication, and non-repudiation, he explained adding, “These have been embedded in our regulatory framework for branchless banking.

“In a population of 185 million, there are only 32 million deposit accounts and 6 million borrowers. On the contrary, the number of mobile phone subscribers has cross 130 million across all economic and geographic segments,” he said.

Ammar Jaffri, President of PISA, in order to counter and compete with criminals, we need to create warriors in Pakistan as well, as the developed and developing world is doing.

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