Mongolian banks paying attention to E-banking security
The first international forum themed ‘E-banking Security and Payment Risks’ initiated by the largest bank in Mongolia, Khan Bank was held.
The first international forum themed ‘E-banking Security and Payment Risks’ initiated by the largest bank in Mongolia, Khan Bank was held. At the forum, more than 200 representatives of the banking and financial sector exchanged views on the matter jointly organized by the Bank of Mongolia (BOM) and Mongolian Bankers Association. At the forum discussions were held on three main topics including E-banking security, Payment card risks and Public knowledge on e-banking and payment risks.
Reportedly, the BOM announced 2018 as a financial consumer protection year and launched the ‘Consumer Protection Campaign’ in January. The ‘E-banking Security and Payment Risks’ forum is one of the works under the campaign as banks should have a proper security system to ensure their customers' security and confidentiality. The forum is also targeted to find solutions on the parties' collaboration in restricting access to e-banking and payment cards’ encryption.
As Director of the Mongolian National Data Center stated, the internet security is insufficient in Mongolia. According to analyzes of sites located at our center, 3.5-4 million out of 190-200 million requests received last year were cybercrime attempts. Besides the proper security system, good specialists are needed. Thus, it is important for organizations to improve skills of the specialists and the participants of the forum agreed to pay attention to the importance of improved public education and the legal environment in the future.
As police agencies reported that the number of e-banking and Facebook related crimes increased in the past year, the experts stressed that it’s time for Mongolia to pay close attention to this matter.
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