During the Monetary Policy Statement delivered earlier on today, RBZ Governor gave banks an ultimate to ensure that they bolster their security in order to fight against the ever-growing Cybercrime threats that were becoming more widespread in the country. The governor has given banks upto 31 March 2019 to have hand-in their cybersecurity policies.
Mangudya also disclosed that 80% of the bank cards in the country are EMV compliant and the remainder should be updated by the 31st to meet Euro, Visa and Mastercards (EMV) standards.
The EMV standard has been reported to cut counterfeit card fraud by up to 80% which will definitely come as a relief to both banks and their clients. 10 months into 2018 there were already over 150 cases of card cloning and towards the end of the year the police force (ZRP) came out and said that they were not prepared to deal with cybercrime and cases of card cloning. This makes these new security measures necessary and hopefully we will see less card cloning cases in 2019 going forward.
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