Contemporary Security Threats: Some Proposals for Banking Networks in Bangladesh

Introduction

Covid-19 is not only a pandemic but also a lesson to us. We should be cautious and sensitive regarding any further epidemics. Covid-19 and its consecutive lockdowns worldwide have taught us how to be dependent on online and electronic platforms. Newborn to old, all utilize the best use of virtual communications and tools at every limb in the skeleton of a nation like finance, agriculture, communication, etc. However, most of the population in Bangladesh is illiterate, and there is a lack of awareness regarding digital transactions among the people (Rahman, S., 2016). Bangladesh Bank is the country’s highest banking body, in charge of banking regulation and transaction monitoring. This regulatory body has a broad range of monetary legislation for Bangladesh to grasp essential security components. Several pieces support this system. First, online transactions should be completed to instils trust among the users. Second, several ATM distortions have happened in this region and throughout the past. It culminated in billions of dollars in losses. This article discusses an observation on ATM usage and scamming strategies, particularly in Bangladesh. This research work identifies the usual ATM scams in the context of how, when, and where these types of fraud are rapidly increasing and subsequently enlightens the necessity of security traits that should follow. Identifying those threats to the banking sector and all online transaction methods is necessary. Several ATM scams have occurred in Bangladeshi banks, including Pubali Bank and the Dutch Bangla Bank (Shaw, L., 2016). Online banking is growing popular, and it provides a variety of security safeguards for its users. However, scammers are modifying their methods to avoid banks’ security management detection. Money-related organizations transfer a massive proportion of organizations to buyers and associations, with trillions of dollars trading hands daily to keep the globe afloat. These businesses rely on technologies, regulations, and security measures.

Any disruption in the bank’s security system might lead to sabotage and robbery. As a result, it disrupts the financial system and causes clients’ money hijacking and reputations to be lost. In Bangladesh, the value of online transactions ranges from $1 to $12 million. This sum increased to five times its original value, which was $5 million to $25 million, between January 2013 and February 2015 (Rahman, S., 2016). The national and cybersecurity systems use specialized methods to protect the security of online transactions. This research demonstrates specific security methods that are excellent practices in online transaction security. To begin, undertake risk assessment by understanding the estimates of security measures. Second, physical security measures include stakes in organizations, work zones, and bank lockers. Third, human resource security procedures in which the worker should be checked appropriately with authentic confirmation. Fourth, create and test data recovery backups from fortifications. Finally, retain security patches and upgrades inside businesses, such as worker rotation, client confirmations, and system security approaches and frameworks. Finally, it should be mandatory use of the intranet (not the internet) among different branches of financial organizations.

Furthermore, the governing board should guarantee that access to critical areas of the organization is restricted. Routine tests and establishing a plan of action have a considerably more significant influence on security measures. This strategy includes a network monitoring system and well-defined analytic and management tools. Updating the versions of equipment such as switches, routers, firewalls, and other security appliances can help to reduce the likelihood of being scammed. The organization should use encryption in all aspects of internet data transactions, including official and promotional emails. Anti-malware and antivirus software may be used to implement a complete endpoint security solution. Finally, training programs for both employees and users of online systems can significantly raise scam awareness. The primary goal of the research is to learn about current security threats to Bangladeshi financial institutions and how we can detect or identify them more easily. Our main objectives for the research work are as follows.

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  To explain certain security threats at Bangladeshi banking networks

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  To develop a management framework for banking security

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  To provide potential cyber-attack prevention methods and recommendations

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  To present various online scams as well as a timeline of cyber-attacks