Financial Crime World

FINANCE PROFESSIONALS IN LEBANON URGED TO BE VIGILANT AGAINST BANK HACKING ATTEMPTS

As cybercrimes continue to threaten the global financial sector, Lebanese banking institutions are taking proactive measures to protect their customers’ sensitive information. In light of recent bank hacking attempts, the Central Bank of Lebanon (BDL) has issued Circular N° 144 “Prevention of Cybercrime,” emphasizing the importance of implementing robust cybersecurity systems and protocols.

LEBANON’S CENTRAL BANK TAKES ACTION

IBDAA, a leading financial institution in Lebanon, is fully committed to complying with BDL’s requirements and has implemented state-of-the-art cyber-security measures to safeguard its databases. However, experts warn that bank hacking attempts are likely to increase, making it essential for finance professionals to be vigilant and take preventive steps to protect themselves against cyber-attacks.

PREVENTIVE STEPS FOR FINANCE PROFESSIONALS

To avoid falling victim to cybercrime, IBDAA recommends the following preventive measures:

  • Use a dedicated email account for banking operations: Avoid sharing it on social media platforms.
  • Reply to emails using the “Forward” option: Instead of clicking on the “Reply” button.
  • Be cautious of sudden changes in correspondent or counterparty details: Verify any changes with a phone call using a trusted contact number.
  • Avoid opening suspicious email attachments: Especially those with file extensions like “.exe,” “.com,” or “.vbs.”
  • Refrain from accessing financial data or checking emails when using public Wi-Fi networks.
  • Install genuine antivirus software and keep it up-to-date on all devices.
  • Regularly change passwords and avoid reusing them across multiple accounts.
  • Lock devices before leaving them unattended.

COMPREHENSIVE CYBERCRIME PREVENTION GUIDE

To further enhance cybersecurity awareness, IBDAA has developed a comprehensive cybercrime prevention guide in collaboration with the Special Investigation Commission (SIC), the Association of Banks in Lebanon (ABL), and the Internal Security Forces (ISF). This guide provides valuable insights and best practices for finance professionals to stay ahead of cyber threats.