Nitsol Bangladesh Limited’s Post

The Interbank Payments System is fully functional The Central Bank of the Republic of Kosovo (CBK) announces that the Interbank Payments System (IPS), which is a national payment system, is fully functional and there has been no interruption in its operation. This announcement is made to inform users of banking services in a fair and fully manner. However, some of the online services at any given bank have been partially affected by the global problems with the services of this nature. In that case, these online services are also gradually being restored by the bank without any consequences. CBK informs that there have been no cyber attacks on the banking system and there was no risk to data or systems. As a result of some technical changes applied by global service providers, some of the online services are limited for a certain period of time. The banking system is functional and there is no reason for concern. Banking services are being provided by banks through their physical and digital channels. Full news 🔗: https://shorturl.at/nigXe

Bank customers in Bangladesh commonly face long waiting times, complex processes, limited access to digital services, inadequate customer support, and security concerns. To address these issues, banks should streamline operations, simplify procedures, expand digital service offerings, enhance customer support, and strengthen cybersecurity measures. These improvements will significantly enhance customer satisfaction and trust in our banking sector.

As the financial services landscape continues to become more digital, questions about data security and customer trust have become increasingly relevant. Recent studies reveal that 63% of consumers have encountered cyber crime related to payments, significantly eroding their confidence in digital payment platforms. As banks seek to drive larger adoption of digital services, it is extremely important to establish trust and confidence in customers. I liken the current market situation to that of the early days of ATM machines - in both cases, perceived security and service availability are crucial in driving customer trust. In my MBA thesis titled “Exploring the Dimensions Affecting Banking Customer Trust in Automated Teller Machine in Egypt”, back in 2011, I explored how banks can improve customer satisfaction through quantitative and qualitative research. But how can this loss in trust be stopped? Sharing a few thoughts and findings from the past and present that I feel are valuable in the visual below, let me know what you think in the comments! More on how fraud and cybercrime are eroding trust in digital payment platforms: https://lnkd.in/dG8y8rQD #Payments #Trust #Security

🚨 Attention all! 🚨 The recent surge in ATM uprooting incidents in Delhi is ringing alarm bells 🔔, emphasizing the urgent need for beefed-up security measures in our banking infrastructure. 🏦 According to reports ( https://lnkd.in/dd2QzpjY) , there's been a worrisome increase in ATM robberies over the past six months, posing a significant threat to both financial institutions and customers. But fear not! 💪 In the face of this challenge, we have a game-changing solution: IBNS (Intelligent Banknote Neutralization System). 🛡️ This cutting-edge technology offers a ray of hope 🌟 in the battle against ATM thefts. IBNS works like magic ✨ by rendering stolen banknotes completely useless to thieves. 💸 With no rewards to reap, criminals are left scratching their heads 🤔, while our ATM's remain safe and sound. As we stand united to fortify the security of our banking systems, let's embrace the power of innovation and technology 🚀 to safeguard our communities and ensure a secure banking environment for all. To know more please visit www.securein.com or email anand.dhuri@securein.com #SecureBanking #ATMSecurity #Innovation #IBNS #FinancialSafety #DelhiCrime 🛡️💼

🌐 Revolutionizing ATM Security: a2m Intelligent ATM Cassettes with IBNS Technology 🏦💳 The recent RBI directive urging banks to grout ATMs to walls, ceilings, and floors is a vital stride in bolstering security (https://lnkd.in/dZfjcsQk). However, let's delve into how we can take this a step further to eliminate incentives for potential robbers. 💡 Enter a2m - Intelligent ATM Cassettes with IBNS Technology! While physical reinforcement is crucial, embracing innovative solutions like a2m Intelligent ATM Cassettes equipped with Intelligent Banknote Neutralization System (IBNS) technology offers a transformative approach to security. 🚀 Key Features of a2m Intelligent ATM Cassette with IBNS Technology: ·      Enhanced Security: IBNS technology activates ink degradation tanks within the cassette, rendering the cash inside indelibly marked with ink. This ensures that stolen money becomes unusable, offering no rewards to the robbers. ·      Real-time Monitoring: a2m provides real-time monitoring, enabling bank and law enforcement agencies to monitor and respond swiftly to any suspicious activity at ATM location. ·      Deterrent to Robbers: By removing the reward factor, a2m acts as a deterrent, significantly lowering the likelihood of successful theft. ·      Integration with Security Systems: a2m seamlessly integrates with existing security systems, creating a comprehensive security infrastructure and do not require any changes in ATM or its location.   How a2m Can Contribute to Law Enforcement Efforts: Ink as Forensic Evidence: The application of indelible ink to currency notes serves as valuable forensic evidence. Stolen money can be traced back to the source, aiding in the identification and conviction of robbers. 💬 Let's Discuss: How can strategic integration of advanced technologies redefine the landscape of ATM security and make our financial infrastructure more resilient? Please visit www.securein.com or contact -Anand Dhuri M: +91.9820845822 🔗 Read more: RBI Directs Banks to Grout ATMs #ATMSecurity #RBI #Innovation #IBNSTechnology #FinancialSecurity #BankingTechnology #FutureOfBanking 💼💻

My colleague Lucy Kemble has written an insightful piece exploring the rapidly evolving topic that is #SubSaharanAfrica's digital banking sector, which is leading the charge in digital banking innovation despite continued challenges. Check out the full article here: https://lnkd.in/ezXPdMHc

In my latest article, I've delved into the dynamic and transformative topic of digital banking in Sub-Saharan Africa (SSA). While SSA may have traditionally lagged in banking sector development, it's now making giant strides, leading the charge in digital banking innovation. However, it's not all smooth sailing. Challenges such as cybercrime, digital literacy, and limited infrastructure persist and must be addressed to fully unlock the region's potential. Check out the full article here: https://lnkd.in/ezXPdMHc #DigitalBanking #SubSaharanAfrica #Fintech #FinancialInclusion #BankingInnovation #FutureOfBanking #CyberSecurity #Fintech #SSA

Central banks require mobile banking app security as part of CYBER RESILIENCE regulations. Here is a great example. Regulation: Central Bank of Kuwait - CYBERSECURITY FRAMEWORK FOR KUWAITI BANKING SECTOR 7.4 Mobile Banking Security Objective: To ensure confidentiality and integrity of transactions initiated by mobile banking, Regulated Entities shall implement mobile banking security controls. 7.4.1 Regulated Entities shall implement controls to restrict installation and usage of mobile applications on jail-broken devices. 7.4.2 Regulated Entities shall ensure that the mobile application encrypts the data stored if any, locally by the application on the customer devices. 7.4.3 Regulated Entities shall conduct security assessment to identify and remediate vulnerabilities associated with their mobile applications. 7.4.4 Regulated Entities shall ensure that the mobile application verifies the mobile number and device IMEI of the customer for first time use of applications. 7.4.5 Customers may be allowed to access mobile banking application from up to three validated devices. Over 100 banks around the world rely on us to proactively secure their mobile banking apps and comply with regulation. Reach out to learn more. #mobilesecurity #mobileappsecurity #zimperium #banking #mobilebanking#cyberresilience

**Reserve Bank of India (RBI) Opens the Door for Innovation in Authentication for Digital Payments** With the move to strengthen security and leverage the technological advancements in authentication mechanism for digital payments, the Reserve Bank of India (RBI) on July 31, 2024, published the Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions (Draft Framework) for public comments. This is in line with the Statement on Developmental and Regulatory Policies as issued by RBI on February 08, 2024. The Draft Framework, applicable to all Payment System Providers and Payment System Participants, requires all digital payment transactions (except for transactions of certain value) to be authenticated with an additional factor(s) of authentication (AFA). While RBI had already mandated the same requirement for all transactions undertaken using cards, prepaid instruments and mobile banking channels, however, no particular mode of AFA was mandated. The RBI in the notification noted that, considering the simple yet effective nature of OTP, the payment ecosystem primarily adopted SMS-based OTP as AFA. The Draft Framework has now officially opened the door for innovation in the AFA mechanism. The RBI has broadly categorised the AFA as (a) Something the user knows (such as password, passphrase, PIN), (b) Something the user has (such as card hardware or software token), (c) Something the user is (such as fingerprint or any other form of biometrics). The Draft Framework further provide that one of the factors of authentication should be dynamically created, i.e., the factor is generated after initiation of payment, is specific to the transaction and cannot be reused.    Anish Jaipuriar #BurgeonLaw #RBI #FinTech #DigitalPayments #CyberSecurity #Authentication #Innovation #India

In an era where secure identity verification and fraud prevention are more critical than ever, how can banks ensure they meet these demands while delivering exceptional customer experiences? Join us at the Temenos Regional Forum 2024: ASEAN as we dive into the next generation of integrated solutions with Uniken. We’ll showcase how our technologies provide certainty in identity, authentication, and security—helping banks not only meet regulatory requirements but exceed client expectations, both in person and online. Don’t miss this chance to learn how we’re pioneering the future of banking. Register now and be part of the conversation: https://lnkd.in/dQuP_ijt #TRF2024 #BankingInnovation #Cybersecurity #IdentityVerification #APAC