Cargills Bank restricts e-commerce transactions to avoid Cyber Crimes

Cargills Bank restricts e-commerce transactions to avoid Cyber Crimes

24 May 2019 01:31 pm

Cargills Bank owned by Sri Lanka’s Cargills group says that the bank is temporarily restricting E commerce transactions based on recent reports on potential Cyber Crimes, a sms communication sent to all credit and debit cardholders by the bank outlines revealed.


This was reported in several local and international news web sites.  

“Dear customer given recent reports on potential Cyber Crime,e-commerce transactions have been temporarily restricted as a precautionary measure.

E-commerce transactions have been temporarily restricted as a precautionary measure. Regret any inconvenience caused” the bank added in its communique to customers.

In the recent period, in addition to suicide bomb attacks, terrorist groups employ other types of terror tactics against their business adversaries.

In the first development, terrorist groups and their supporters may employ cyber weapons to inflict economic damage against their adversaries, such as the cyber-attacks, IT experts warned.

In a second stage development of extremist terror, to substantially grow and expand their funding sources, terrorist groups in weak and fragile states, employ terror to loot and appropriate for themselves bank accounts, they said.

In another type of terrorist exploitation of the banking sector, such groups and their associated business/charity fronts have reportedly used the international financial system for money laundering or to move funds from one country to another, posing another substantial risk to the financial sector, they added.