According to Global Findex 2014 only about 13% of the population has conventional bank accounts. Apart from geographical limitations for banks and tax avoidance being primary problems in getting people to open bank accounts there remains skepticism around how secure bank accounts really are. Therefore, recent fraudulent activities with Automated Teller Machines (ATM’s) being used to hack bank accounts will have an adverse effect on SBP’s efforts. A private bank confirmed that a collective amount of Rs10 million had been stolen from 559 of its accounts through ATM’s. With record profit’s being made by banks it is imperative that they employ the latest technology in order to make it harder for hackers to gain access to bank accounts.

Source: Pakistan Today December 10, 2017 05:26 UTC