The central bank and the law enforcement agents are making headway in the battle against cyber criminals who use technology to defraud depositors, the governor, John Mangudya (pictured) has said.
He suggested that banks upgrade their technology in order to fend off the increasingly skilled cyber criminals.
“Recently we have had an incident involving cyber crime where some people were using the foreign cards and placing a Zimbabwe dollar chip to buy goods in foreign currency. This sounds complicated but they have done it.
“The central bank together with the law enforcement agents are carrying out a full investigation with the affected banks and retail outlets to ensure that those perpetrators are brought to book. We have some visuals of the individuals who were involved in these shenanigans hence we have some leads which will enable us to bring them to justice,” Mangudya told Business Times.
The market is asked to make sure that by the end of the month, all card access devices, point of sale systems, and MPOS access points are EMV compliant in order to mitigate the risk associated with cyber security on payment cards.
According to him, the central bank is still pleading with the financial industry to use risk-based systems for monitoring high-risk transactions, particularly in light of the rapid advancements in digital technology occurring globally.