ATM skimming Event: State Bank of Pakistan issues guidelines to prevent Cyber Crime

KARACHI: In wake of the recent ATM skimming incident, the State Bank of Pakistan (SBP) on Wednesday directed banks to develop infrastructure for EMV (Europay Mastercard Visa) Compliance and issue cards under it by June 30, 2018 to enhance cyber security.

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In a press release issued by the SBP, it said: “It would be pertinent to mention here that debit cards with a magnetic strip on its back – that stores customer’s account details are particularly vulnerable to skimming and cloning,” adding, “debit cards complying with EMV (Europay Mastercard Visa) standards, featuring a chip and offering two factor authentication are now considered most effective countermeasure for card cloning through skimming globally.”

The regulatory body stated that it has issued specific regulations for the security of payment cards and internet banking, under which banks are required to develop and implement comprehensive framework for risk assessment, implementation of controls and monitoring.