20 May 2024
Tuesday 17 April 2012 - 12:42
Story Code : 2100

Iranians, victims of banking authorities neglect

Iranians, victims of banking authorities neglect
Ignoring the warningsaboutsecurity flawsin Iran'sbankingsystem, banking authoritiessacrificedmillions of Iranians.

After finding security vulnerability in Irans banking system,Khosrow Zare' Farid, an ex- software manager of a company called Eniak, wrote a formal report and sent it to the CEOs of all the affected banks across the country. When the banks ignored his findings, he hacked 3 million bank cards PIN codes, belonging to at least 22 different banks, to prove his point, i.e. there has been lack ofinformation security in the bank regulatory system.

The Central bank of Iran (CBI), which had earlier downplayed the warnings, saying that "the threat to Iran's banking system is not serious," issued a statementurging all card holders to change their PINs, especially if they havent done so in the last few months, Radio Farad reported.

In this statement, Iran Central Bank stated that the need to change PIN codes is due to the rumor that 3 million credit cards were hacked.

Surprisingly, thisrumorwasnot deniedby theresponsibleinstitutions. And this has made cardholders worry about the misuse of their accounts and rush to ATMs to change their debit cards' PIN codes as soon as possible.

Nowadays, Iranians, who are spending much time standing in ATM queues to change their PIN codes, criticize CBI's performance. They emphasize that it mustrestorepeople's confidenceandtrust inthebanking system.

The issue is that why a company which has the monopoly of all electronic ports, cannot secure them completely.

Of course, thisis the first timethat such eventhappened inIran, and this indicated that Iran is stepping into the digital world, so the kind of threats and sabotages would vary.

 

Sources: BBC Persian
https://theiranproject.com/vdcg.z9xrak9qzj54a.html
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