Waleboda, addressing the Parliament, disclosed the alarming extent of the cyber threat, indicating that a well-organized racket has been siphoning funds from unsuspecting account holders for approximately a week.
In a revelation today (26), Sri Lanka’s banking sector has been plunged into chaos as reports emerge of a sophisticated cyber fraud operation targeting online banking customers. The situation, as described by Gamini Waleboda, a parliamentarian representing Ratnapura district under the Podu Jana Peramuna, paints a dire picture of vulnerabilities within both private and state-owned banks.
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| Gamini Waleboda, a parliamentarian representing Ratnapura district [File Photo] |
Waleboda, addressing the Parliament, disclosed the alarming extent of the cyber threat, indicating that a well-organized racket has been siphoning funds from unsuspecting account holders for approximately a week. According to his statement, individuals conducting online transactions through current and savings accounts have fallen victim to this nefarious scheme, with money being illicitly transferred to other accounts without the knowledge or consent of the legitimate account owners.
The modus operandi of the fraudsters is described as highly sophisticated, with transactions conducted in a manner that evades detection by the account holders. Waleboda highlighted a case where eleven lakhs were transferred from one account to another without authorization, sparking concerns over the scale and audacity of the operation.
Further compounding the issue is the apparent lack of readiness and response capacity within law enforcement agencies and financial intelligence units. Waleboda emphasized that despite the magnitude of the fraud, authorities seem ill-equipped to address the situation effectively.
In addition to urging immediate action from the Central Bank and the Telecommunications Regulatory Commission, Waleboda called attention to the inadequate security measures present in hotline services and other online platforms. He warned that these deficiencies not only expose customers to financial risks but also create openings for malicious third parties to exploit.
The gravity of the situation cannot be overstated, as reports indicate that up to fifty to sixty accounts are targeted daily, resulting in losses for thousands of individuals within a span of just a few days.
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