What Should Customers Do If Their Bank Account Is Hacked
The possibility of cyberattacks on any bank in Bangladesh has become a serious concern, as recently warned by the central bank of the country.
Following the hacking incident at Cosmos Bank in Pune, India, which resulted in the theft of 940 million rupees, Bangladesh Bank has issued a cautionary notice to all commercial banks, advising them to strengthen their cybersecurity measures.
Central Bank spokesperson Sirajul Islam emphasized the importance of these directives, stating, “We periodically provide such guidelines. Furthermore, with the upcoming bank holidays from the 21st to the 25th, there is a higher likelihood of untoward incidents due to reduced oversight.”
Cybersecurity vulnerabilities in Bangladesh’s banking sector have been highlighted by experts like Sadia Noor Khan, a professor at the Department of Banking and Insurance at Dhaka University. She noted that hackers constantly attempt to infiltrate the country’s banking payment systems. A study conducted in 2016 revealed that hackers attempt to breach the banking system every 39 seconds.
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Although banks have made strides in cybersecurity following incidents like the Bangladesh Bank reserve heist, challenges such as a lack of skilled personnel remain.
The question arises: What should a customer do if their account is compromised due to a cyberattack?
Here are some steps outlined by central bank officials and banking experts:
Immediate Actions for Customers
Report to the Bank:
If a customer notices unauthorized transactions in their account, they should immediately inform their bank. Most banks send transaction alerts to customers via SMS. If such a message is received without any transaction initiated by the customer, they must act promptly.
Escalate to Bangladesh Bank:
If the bank fails to address the issue, customers can lodge a formal complaint with Bangladesh Bank.
Bank’s Responsibility:
If a customer’s loss results from the bank’s cybersecurity shortcomings, the bank is legally obligated to reimburse the affected amount. For example, in a past case of ATM card fraud, the bank refunded the full amount to its customers.
Ensure Strong Passwords:
Customers must keep their debit and credit card PINs confidential and secure. Losses resulting from customer negligence will not be covered by the bank.
Tips for Staying Secure
Beware of Phishing:
Avoid clicking on suspicious attachments or links sent via email or social media. Such actions can compromise your mobile phone or computer, allowing hackers to take control.
Maintain Device Security:
Use updated antivirus software and ensure your devices are malware-free. Hacking attempts often involve installing malicious software on customers’ devices.
Do Not Share Banking Information:
Never disclose online banking credentials or account details to anyone, even if they appear to be from a trustworthy source.
Cautious Online Behavior:
Avoid accessing banking websites or apps on public or untrusted networks.
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Banks’ Role in Cybersecurity
According to Rafiqul Islam, Head of IT at Shahjalal Islami Bank, private banks in Bangladesh have significantly improved their cybersecurity measures. For example, some banks employ up to seven layers of security to protect their payment systems.
However, as hackers continuously innovate their techniques, both banks and customers must remain vigilant. Mr. Islam pointed out that banks must regularly update their security protocols, while customers must exercise caution when using devices for online banking.
He concluded, “Our banking sector’s security has improved, but there’s always room for enhancement. Awareness and collaboration between banks and customers are essential to staying ahead of cyber threats.”
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Final Thoughts
While banks bear a significant responsibility in safeguarding customers’ funds, customers also play a critical role by following best practices for cybersecurity. By reporting issues promptly, using secure devices, and practicing safe online behaviors, customers can help mitigate risks in an increasingly digital banking environment.