作者： bankr

National banks have pledged to maintain strong digital security systems and have encouraged consumers to take precautions against the risk of digital security breaches.

Tantri Desyanti, a 25-year-old customer of Jenius, a digital banking platform operated by publicly listed lender BTPN, recently experienced a cybersecurity breach. In a viral tweet posted on June 9, Tantri said she had lost Rp 3.2 million (US$228.58) from her Jenius account, through a series of unauthorized transactions through Paypal.

She was later refunded by the bank, but her case has highlighted the risk of cybersecurity breaches in online banking platforms.

According to a 2018 PricewaterhouseCoopers survey polling 43 Indonesian banks, the industry considers cybersecurity its biggest risk over the next two to three years.

BTPN has said it has implemented a multilayered security system to secure digital transactions and is using the latest technology.

“Aside from that, we routinely educate our users about data security, as well as offline and online transaction security,” BTPN digital banking head Irwan S Tisnabudi told The Jakarta Post on Tuesday.

Irwan added that Jenius continuously reminded its customers to refrain from sharing classified information, such as PIN numbers, passwords, one-time passwords (OTP), and to change their PINs and passwords regularly.

Regarding Tantri’s case, Irwan said the bank maintained that there had not been any account breach or issue within Jenius’ internal system. The bank suspected that the customer had been manipulated by a scammer into providing confidential information.

Bank Central Asia (BCA), the country’s biggest privately owned bank, said it had maintained the security of consumer transaction information and had applied security systems in accordance with regulations.

“BCA is continuously carrying out development on its transaction securitization system,” BCA executive vice president of the secretariat and corporate communications Hera F. Haryn told the Post on Monday.

BCA enjoyed a steep 91 percent year-on-year (yoy) rise in the number of mobile banking transactions in the first quarter of this year. The value of the transactions reached Rp 3.38 quadrillion. The number of BCA internet banking transactions increased by 24 percent to 740 million during the same period.

The bank is encouraging consumers to download its official mobile banking application to maintain transaction security. It is also reminding customers to remain cautious about the safety of the internet network they are using.

Jay Powell, the chair of the Federal Reserve, has warned Congress against withdrawing fiscal assist for the US financial system, saying it might imperil the restoration from the shock of the coronavirus disaster

“I would just note that there are something like 25m people who have been dislodged from their job either in full or in part due to the pandemic,” Mr Powell advised the House monetary companies committee on Wednesday. “It would be a concern if Congress were to pull back from the support that it’s providing too quickly.”

Mr Powell’s feedback got here after he advised the US Senate on Tuesday that “significant uncertainty” remained across the form and timing of the rebound from the sudden recession afflicting the world’s largest financial system.

His phrases got here as the talk stays heated on Capitol Hill about whether or not to resume $600 per week in emergency unemployment insurance coverage enacted throughout the disaster. The assist expires in July.

Democrats say it must be prolonged till January, however Republicans contend that the cash discourages individuals from returning to work as states raise restrictions on exercise.

It can be sensible to have a look at methods to proceed to assist each people who find themselves out of labor and likewise smaller companies that won’t have huge assets

Fed officers usually draw back from prescriptions to lawmakers on taxes and spending, and Mr Powell mentioned he didn’t need to make particular suggestions for measures Congress ought to take. But he did recommend that the unemployed would want extra assist.

“It would be wise to look at ways to continue to support both people who are out of work and also smaller businesses that may not have vast resources for a continued period of time, not forever, but for a period of time so that we can get through this critical phase,” Mr Powell mentioned.

“The economy is just now beginning to recover, it’s a critical phase and I think that support would be well-placed at this time.”

Negotiations over a brand new fiscal bundle — on prime of the $3tn handed throughout the pandemic — have nonetheless not ramped up on Capitol Hill. In addition to the controversy over unemployment advantages, partisan variations have developed over assist for cash-strapped state and native governments, which Republicans are additionally resisting.

This week, Ben Bernanke and Janet Yellen, Mr Powell’s predecessors on the Fed, signed a joint letter with 130 economists saying “insufficiently bold” motion by Congress risked resulting in “prolonged suffering and stunted economic growth”.

“If Congress fails to act, state and local governments face potentially disastrous budget shortfalls, and the Congressional Budget Office estimates the unemployment rate will probably be more than 11 per cent at the end of the year,” the letter mentioned.

1/5
Poor credit offtake
In the wake of the coronavirus pandemic, the global economy, including India’s, has slowed down considerably. In order to get the wheels spinning again, the government and the RBI introduced a number of financial schemes, but recent data suggests that corporations have become highly risk-averse in the face of uncertainty.

2/5
Multi-decade low
As ET reported, bank credit growth will hit a multi-decade low of 0-1% which will be nearly 800 bps lower than the 8-9% growth expected before the pandemic, Crisil ratings said on June 8. The forecast presumes a base case scenario of gross domestic product contracting 5% this fiscal.

3/5
Corporate portfolio de-growth
The corporate loan portfolio, which constitutes almost half of total credit, is expected to be the worst-hit, and de-grow this fiscal due to disruption in capacity utilisation, as per the ratings agency. Further estimates suggest that retail lending, which is about a fourth of overall credit, is also expected to slide amid job losses and salary cuts that will lead to reduced expenditure on discretionary items. Purchase of new homes and vehicles are expected to be delayed, impacting demand for financing.

4/5
Consumer spending hit
On the deposits front, there was a surge of Rs 4.83 lakh crore during the first lockdown and Rs 3.62 lakh crore in the second lockdown, which is indicative of “significant risk aversion in consumer spending”, a SBI note pointed out.

5/5
Silver lining
Though the silver lining as per Crisil is, MSME loans which are expected to grow the most at 6-7% this fiscal, riding on the government’s stimulus package – particularly the Rs 3 lakh crore Guaranteed Emergency Credit Line – and are likely to be driven by public sector lenders.