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Monday June 3rd, 2024

Sri Lanka Central Bank in push to tighten SIM re-issue over mobile banking scam

ECONOMYNEXT – Sri Lanka’s central bank is in discussions with the telecom regulator to tighten the re-issue of mobile subscriber identification modules (SIMs) as part of efforts to stop mobile phone banking fraud, Director of Payments and Settlements K V K Alwis.

The central bank together with banks are tightening security on an ongoing basis as hackers and other fraudsters develop new ways to defraud customers.

One such method is to re-issue a SIM of a mobile banking customer whose account number and telephone number is known to the fraudster by persuading a mobile phone agent that it has been lost, without submitting an identity card in person.

In the late evening a new chip is activated and the fraudster logs on to the account, gets a new password through a one time password (OTP) sent to the newly issued SIM and takes all the money out.

The central bank is in discussions with the telecom regulator to get all operators to tighten the re-issue of sims, so that they cannot be issued to a person who is not the actual owner, Alwis told EconomyNext.

Though existing rules also require the ID of the person to be produced, it happens without, in the case of some operators due to lax phone agents who have been given authority to issue SIMs.

Financial sources say when such events happen in the late night – where the re-activation appears to be timed to when the customer is sleeping and is unlikely find out that his SIM has been de-activated – there could be collusion between the chip issuing agent and the fraudster.

Some banks use internet banking apps where password cannot be changed with just an OTP.

“Internet banking ask ask you multiple challenge questions cannot be broken in this way,” a banker said.

“They will also lock the system when questions are missed.”

There are multiple ways that fraudsters operate which involving duping customers to reveal the OTP, officials say.

“We repeatedly warn customers not to reveal OTPs or account numbers to unknown persons,” Alwis said.

One scam is to trick members of the public who make public their account and phone numbers asking for help into revealing their OTP, Alwis said.

Related Sri Lanka mobile banking users warned of phone hi-jacking scam

The central bank has also issued a direction effective April for transaction connected to the JustPay app.

“For all JustPay transactions, mobile payment application initiating the transaction shall request a One-Time Password (OTP) from the Issuer of the account that has been linked to the mobile payment application via JustPay, if the transaction amount equals or exceeds Rs. 10,000/=. Issuer in this instance shall refer to any institution that maintains the account of the customer, from which the debit is made,” the direction reads.

In January a series of directions were also issued to make internet and mobile phone banking safer.

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Water levels rising in Sri Lanka Kalu, Nilwala river basins: Irrigation Department

ECONOMYNEXT – Sri Lanka’s Irrigation Department has issued warnings that water levels in the Kalu and Nilwala river basins are rising and major flooding is possible due to the continuous rain. People living in close proximity are advised to take precautions.

“There is a high possibility of slowly increasing prevailing flood lowline areas of Kiriella, Millaniya, Ingiriya, Horana, Dodangoda, Bulathsinhala, Palinda Nuwara and Madurawala D/S divisions of Ratnapura and Kalutara Districts, up to next 48 hours,” it said issuing a warning.

“In addition, flood situation prevailing at upstream lowline areas of Ratnapura district will further be prevailing with a slight decrease.

“The residents and vehicle drivers running through those area are requested to pay high attention in this regard.

“Disaster Management Authorities are requested to take adequate precautions in this regard.”

The island is in the midst of south western monsoon.

DMC reported that 11,864 people belonging to 3,727 families have been affected due to the weather in Rathnapura, Kegalle, Kilinochchi, Jaffna, Mullaitivu, Kalutara, Gampaha, Colombo, Galle, Matara, Hambantota, Puttalam, Kurunegala, Kandy, Nuwara Eliya, Anuradhapura, Polonnaruwa, Badulla, Moneragala, and Trincomalee districts.

Meanwhile, the Meteorology Department stated that showers are expected on most parts of the island today.(Colombo/June3/2024)

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UNP gen secy defends call for postponing Sri Lanka poll, claims opposition silent

The UNP party headquarters in Pitakotte/EconomyNext

ECONOMYNEXT — United National Party (UNP) General Secretary Palitha Range Bandara has defended his call for postponing Sri Lanka’s presidential election by two years, claiming that his proposal was not undemocratic nor unconstitutional.

Speaking to reporters at the UNP headquarters Monday June 03 morning, Bandara also claimed that neither opposition leader Sajith Premadasa nor National People’s Power (NPP) leader Anura Kumara Dissanayake have spoken against his proposal.

“I have made no statement that’s undemocratic. My statement was in line with provisions of the constitution,” the former UNP parliamentarian said.

He quoted Section 86 of Chapter XIII of the constitution which says: “The President may, subject to the provisions of Article 85, submit to the People by Referendum any matter which in the opinion of the President is of national importance.”

Sections 87.1, 87.2 also elaborates on the matter and describes the parliament’s role, said Bandara.

“I spoke of a referendum and parliament’s duty. Neither of this is antidemocratic or unconstitutional. As per the constitution, priority should be given to ensuring people’s right to life,” he said.

“Some parties may be against what I proposed. They may criticse me. But what I ask them is to come to one position as political parties and make a statement on whether they’re ready to continue the ongoing economic programme,” he added.

Bandara claimed that, though thee has been much criticism of his proposal for a postponement of the presidential election, President Wickremesinghe’s rivals Premadasa and Dissanayake have yet to remark on the matter.

“I suggested that [Premadasa] make this proposal in parliament and for [Dissanayake] to second it. But I don’t see that either Premadasa nor Dissanayake is opposed to it. To date, I have not seen nor heard either of them utter a word against this. I believe they have no objection to my proposal which was made for the betterment of the country,” he said. (Colombo/Jun03/2024)

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300 of 100,000 trees in Colombo considered high risk: state minister

ECONOMYNEXT – Trees in Sri Lanka’s capital Colombo are being monitored by the municipal council, Army and Civil Defense Force as the severe weather conditions continue, State Minister for Defense Premitha Bandara Tennakoon said.

“Within the Colombo Municipal Council city limits, there are 100,000 trees. Of these, around 300 are considered high risk,” Tennakoon told reporters at a media conference to raise awareness about the current disaster management situation.

Not all trees required to be cut down he said. “We can trim some of the branches and retain them.”

The problem was that buildings in the vicinity of the tree had cut branches on one side, causing it to become unbalanced, the minister said.

New laws would be brought in so provincial/municipal institutions could strengthen enforcement of building codes.

“We don’t have a single institution that can issue a warning about a tree. Not one to tell us what trees can or cannot be planted near a road.

“Trees should be suitable for the area. Some trees have roots that spread and damage roads, buildings. When the roots can’t go deep, they tend to topple over.

“Now Environment Day is coming up, and anyone can go plant a tree by the road. We have to take a decision about this. We have to enforce laws strongly in future.” (Colombo/June3/2024)

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