08-24-2008, 10:05 AM
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08-24-2008, 08:39 PM
Plastic money security: SBP reconfigures POS terminals
Sunday, August 24, 2008
By our correspondent
KARACHI: The State Bank of Pakistan has said it has taken several measures to enhance the security of plastic money transactions with a view to effectively addressing customer complaints and to ensure continued growth in the fields of e-banking and e-commerce.
According to a statement issued on Saturday, the SBP said misuse of debit/credit cards had opened new chapters of fraud and forgery. In most of these cases, the misuse of cardholders’ personal information has occupied a prominent place. Previously, Point of Sale (POS) terminals used to generate transaction slips visibly indicating the cardholder personal information such as the name of cardholder, 16-digit card number, date of expiry, etc, which can easily be used for fraudulent purposes.
In order to effectively address the issue, the central bank said, the Payment Systems Department of the State Bank in collaboration with commercial banks initiated Primary Account Number (PAN) masking project. Under the project, all the POS terminals have been reconfigured so that they should print only encrypted transaction slips.
The SBP said the exercise had been successfully completed and more than 54,000 POS terminals installed at various merchant locations (such as petrol pumps, shopping centres, etc) across the country were reconfigured for PAN masking. This security feature would definitely enhance the confidence of consumers, which would eventually help in promoting e-banking culture in the country.
“Plastic money users can now comfortably use their debit/credit/smart cards anywhere in Pakistan irrespective of the amount of transaction without fear of disclosing their personal information on transaction slips,” it further said. The central bank added the project was undertaken against the backdrop of rapid development in information and telecommunications technologies coupled with low-cost technology delivery which was enabling new payment system models which were not possible a decade ago.
Financial institutions around the world were rapidly introducing new and innovative e-banking products and services for their customers, it said, adding commercial banks in Pakistan had also developed various e-banking products.
http://www.thenews.com.pk/daily_detail.asp?id=131613
Sunday, August 24, 2008
By our correspondent
KARACHI: The State Bank of Pakistan has said it has taken several measures to enhance the security of plastic money transactions with a view to effectively addressing customer complaints and to ensure continued growth in the fields of e-banking and e-commerce.
According to a statement issued on Saturday, the SBP said misuse of debit/credit cards had opened new chapters of fraud and forgery. In most of these cases, the misuse of cardholders’ personal information has occupied a prominent place. Previously, Point of Sale (POS) terminals used to generate transaction slips visibly indicating the cardholder personal information such as the name of cardholder, 16-digit card number, date of expiry, etc, which can easily be used for fraudulent purposes.
In order to effectively address the issue, the central bank said, the Payment Systems Department of the State Bank in collaboration with commercial banks initiated Primary Account Number (PAN) masking project. Under the project, all the POS terminals have been reconfigured so that they should print only encrypted transaction slips.
The SBP said the exercise had been successfully completed and more than 54,000 POS terminals installed at various merchant locations (such as petrol pumps, shopping centres, etc) across the country were reconfigured for PAN masking. This security feature would definitely enhance the confidence of consumers, which would eventually help in promoting e-banking culture in the country.
“Plastic money users can now comfortably use their debit/credit/smart cards anywhere in Pakistan irrespective of the amount of transaction without fear of disclosing their personal information on transaction slips,” it further said. The central bank added the project was undertaken against the backdrop of rapid development in information and telecommunications technologies coupled with low-cost technology delivery which was enabling new payment system models which were not possible a decade ago.
Financial institutions around the world were rapidly introducing new and innovative e-banking products and services for their customers, it said, adding commercial banks in Pakistan had also developed various e-banking products.
http://www.thenews.com.pk/daily_detail.asp?id=131613