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Ishrat stresses need for cyber crime laws

The Governor State Bank of Pakistan, Dr Ishrat Hussain on Saturday stressed the security of electronic transactions through cyber crime laws so as to accelerate E-banking in Pakistan. Addressing a one-day seminar on ‘Technological Innovations in the Financial Sector’, jointly organised by the Computer Society of Pakistan, the Pakistan Software Houses Association and the Sindh IT ministry, the governor said, “Until and unless consumers are satisfied that their transactions through E-banking are safe, they will not venture into this medium”. “Appropriate legal framework, including remedial measures in law for cyber crimes is important to tackle the issue that has been created but remains to be tested in the courts of law,” he added. He said the Electronic Transactions Ordinance 2002 covered issues such as the establishment of certification authorities. However, the legislation being the first step in this direction, banks were encouraged to establish appropriate internal controls to prevent cyber-banking crimes. “For financial crimes, various law enforcement agencies have their own specific units. Law enforcement authorities are also taking steps to strengthen their skills to suitably deal with such crimes,” Ishrat informed. Full Story

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