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

December 31, 2014

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.

-Input from New Age

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