Executive Director of State Bank of Pakistan’s (SBP) Banking ServicesGroup, Dr. Inayat Hussain, has revealed that Pakistan’s banking industryhas been the prime target of cybercriminals in the past several years andhas lost billions of rupees in more than a dozen state-sponsoredcyberattacks.
While addressing the 13thInternational Mobile Commerce Virtual Conference,Dr. Inayat stressed upon the banking sector to adopt ArtificialIntelligence (AI) based solutions for timely detection and thwartingcyberattacks.——————————
He said that AI technology offers numerous tools for the identification andverification of account holders, adding that Machine Learning and Big DataAnalysis would prove effective against cyberattacks.
AI would enable banks and financial institutions to pinpoint dubious andfraudulent transactions along with identifying account holders depositingor withdrawing unusually large sums of money.
He added that the banking sector should improve the verification process ofthe credentials of the account holders in a bid to curb money laundering.——————————
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Federal Secretary Information Technology and Telecommunications Ministry,Shoaib Ahmed Siddiqui, said that the Federal government is making effortsto introduce 5G technology in Pakistan that would allow the digital paymentmechanism in the country to grow.
In this regard, Pakistan Telecommunication Authority (PTA) in January hadauthorized PMCL (Jazz) and CMPak (Zong) to conduct 5G tests and trials on anon-commercial basis.
