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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The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About RBZ
The Zimbabwe Republic Police is the country's law enforcing and maintaining organ. It was established in 1980 evolving from the Rhodesian Police and incorporated members from both the Rhodesian and the nationalist forces. It operates under the Ministry of Home Affairs. Read More About ZRP