Shaparak Company, the body in charge of supervising Iran’s e-payment network, is making concerted efforts to better detect fraud and improve security of the fledgling e-payment network, the company’s new managing director said.
“The company’s ‘risk committee’ is tasked with finding and plugging loopholes that can endanger the network. Curbing smuggling, money laundering, illegal betting and gambling are also on Shaparak’s agenda,” Kazem Dehqan told the Persian-language Bankdari Ayandeh (Future Banking) magazine.
Illegal activities have a wide range most of which take place outside the payment network, he said. “Shaparak along with other state bodies are working to detect cybercrime and prepare regulations that prevent crime.”
The main issue, he said, is that regulations must support online business and promote legal activities on the internet.
“All relevant organizations are collaborating to maximize the scale and scope of security controls. However, cybercriminals always find new ways to beat the system.”
Regarding the role of payment companies in combating unlawful activities, he said, “Each payment company is required to have its own crime detection platform. We at Shaparak work to ensure that the platforms are regularly updated and play by the rules.”
Payment companies are determined to take necessary measures for keeping the network secure, he said. “Illegal activities can severely damage payment companies’ reputation. Their business could be harmed if they fail to meet norms outlined by the Central Bank of Iran and Shaparak Company.”
There have been reports of an increase in gambling and betting activities on the Internet. Experts say such cyber and financial phenomenon is spreading fast and should raise the alarm, particularly in the cyber and payment sectors.
The CBI has come up with some countermeasures like making the use of one-time passwords obligatory for online transactions.
