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Commentary: Right intention, wrong approach for OCBC and its new anti-scam measure
On the flip side, there’s also the risk of being too stringent. For instance, in their bid to counter fraudulent activities, some banks employ rigorous transaction verification processes that can sometimes decline legitimate transactions.
Rather than just imposing technological restrictions, perhaps a more holistic approach – combining technology with user education – would be more effective. By fostering a user base that is informed about the dangers of third-party downloads and equipped to discern app permissions, the bank can bolster its defenses.
BANKS AND USERS MUST SHARE RESPONSIBILITY
OCBC’s move underscores a broader, industry-wide debate in which banks are walking the tightrope in an era of relentless digital transformation to maintain trust, especially as financial institutions will be expected to share liabilities in scam cases under an upcoming government framework.
The financial sector has thrived on customer trust. Security measures they implement, while ensuring safety, must not compromise this integral relationship.
It’s a complex interplay of trust, security, and convenience. It’s not just about stopping potential threats but also about ensuring that in doing so, the banks do not alienate their customers.
Banks need to understand that in the age of digitisation, customer expectations are evolving. They desire a mix of security, which protects them, and autonomy, which doesn’t make them feel surveilled or restricted. The challenge here lies in combining the two.
OCBC’s decision, while well-intentioned, highlights the intrinsic challenge digital banks face between ensuring a harmonious user experience and robust security. This measure might come off as overbearing to some, yet it underscores an immutable fact – in the realm of digital banking, both the institution and its users bear the responsibility of safeguarding against cyber threats.
The task of ensuring robust security isn’t solely the bank’s prerogative; users too need to be vigilant and well-informed.
Dr Jonathan Chang is CEO of Fintopia Indonesia – a digital lending fintech unicorn. He is also a lecturer, public policy advisor and an award-winning researcher.
Lawmakers mull measure requiring public agencies to report cybersecurity incidents
Lawmakers advanced a measure Monday that would require public agencies to report cybersecurity incidents to the New Jersey Office of Homeland Security and Preparedness.
Mandated reporting would allow authorities to have a statewide strategy in helping agencies more quickly and effectively respond to and recover from such attacks, said Michael Geraghty, the state’s chief information security officer and director of the Office of Homeland Security and Preparedness’ cybersecurity office.
Geraghty testified Monday before the Senate Law and Public Safety Committee, which unanimously advanced the bill sponsored by Sen. Linda Greenstein (D-Middlesex).
State government computer networks get attacked 10 million times daily, Geraghty said. His office scours the dark web for compromised credentials from New Jersey’s public and critical infrastructure agencies and has detected more than 23,000 compromised credentials (such as a state employee’s email and password) being used since May 2020, he said.
Russian cyberattacks also are on the rise, prompting a White House warning this week that companies and agencies should be on guard as Russia retaliates for U.S. sanctions over its invasion of Ukraine.
“We’re not going to prevent every attack from happening, just like we’re not going to prevent hurricanes or tornadoes or other types of natural disasters, but we want to make New Jersey more resilient to these attacks,” Geraghty said.
Under the bill, all public agencies would have to report incidents within 72 hours. The state Office of Homeland Security and Preparedness would create a central database of threats statewide, with the goal of sharing threat intelligence that can help agencies reduce risks and improve preparedness and response.
The bill also would require the office to annually report cybersecurity incidents, responses, and trends to the Attorney General’s Office.
“It’s a global community online, and it’s a global fight,” said Ryan Hoppock, deputy director of the New Jersey Regional Computer Forensics Laboratory.
Everything is more connected digitally than ever before, Geraghty said, from intelligent traffic systems to…
Pakistan Telecom Authority asked to suspend mobile phone services in Islamabad as security measure for OIC meeting | Indiablooms
Islamabad/IBNS: The Pakistan Telecommunication Authority (PTA) has been directed to suspend cellular services in certain areas of Islamabad city ahead of the Organisation of Islamic Cooperation (OIC) conference from Dec 17 to 19, according to media reports.
Moreover, the capital administration on the recommendation of the Foreign Office may announce a local holiday on Monday (Dec 20), reports Dawn News.
The interior ministry has asked the PTA to suspend mobile phone service and it is likely that the service will be suspended around routes the delegates will be using and adjacent to areas where they will be staying, the newspaper reported.
The Red Zone will remain sealed as a security measure for the conference.
Officials of the local administration and police told Dawn News that the Red Zone will be sealed for foolproof security of visiting delegates from 62-member states of the OIC.
Well-equipped policemen along with personnel of paramilitary troops and army are being deployed to the entry points of the Red Zone, they added.