KARACHI: Following a spate of cyberattacks on Pakistan’s banks, several account holders said on Thursday that they were forced to take precautionary measures to secure their savings.
“I have closed my online account because of the ongoing cyber-attacks. The banks are not sharing details of what is happening, so I’ve decided to close the accounts having experienced the trouble of dealing with banks,” Abdul Samad Memon, a 35-year-old businessman, told Arab News.
Samad is not the only account holder to opt out. Dozens of individuals have either voluntarily closed their accounts or requested their banks to block access as a precautionary measure. “I have asked my bank to close my online account and now I will withdraw cash through checks to be on the safer side,” Muhammad Salahuddin, a retired government employee said.
Authorities from several banks also said that they had notified their customers about the move. Muhammad Rehan, a school teacher, said he had received the notification from his bank and did not have an issue with the standard operating procedure as it is a “good step under the current circumstances”.
In the news recently, major financial institutions reported losing billions of rupees through fraudulent activities. Prime among these were transactions involving identify theft, whereby hackers would create fake accounts using the details of another person, mostly from an underprivileged background. Case in point was an incident reported by the Federal Investigation Agency (FIA) whereby it had seized the bank account of an ice-cream vendor who had Rs2.25 billion in his savings account.
“The hacking incidents show that nothing is reliable. Even though withdrawing cash by using fake checks has been the practice in the past, I still believe it is safer as compared to online banking,” Baber Sharif, a shopkeeper, said.
Adding insult to injury was the case of Pakistan’s BankIslami which reported that its security system had been breached on October 27, resulting in major losses for the company.
The extent of the online hacking came to light on Monday, when FIA’s cyber-crime chief, Captain (retd) Mohammad Shoaib said that customers’ data from almost all major Pakistani banks had been stolen in a recent security breach.
The State Bank of Pakistan (SBP), however, rejected the FIA’s findings, clarifying that the data of only one bank had been compromised. “SBP categorically rejects such reports. There is no evidence to this effect nor has this information been provided to the SBP by any bank or law enforcement agency,” the central bank said in a statement.
However, officials from the Pakistan Computer Emergency Response Team (PakCERT), a cybersecurity services provider, reported that on October 26, a data dump was posted on the Internet highlighting the details of more than 9,000 debit cards, out of which 8,864 belonged to customers of Pakistani banks.
“The [security details of the] compromised cards were sold at a price ranging from between $100 and $160. The second dump was posted on October 31 with over 12,000 cards on darknet comprising 11,000 cards from Pakistani banks,” the report added.
According to the PakCERT, security details of a total of 19,864 cards from 22 Pakistani banks were compromised.
Experts believe that the breach was not the act of any one individual but rather a group of individuals as the fraud was carried out in a sophisticated and organized manner. “The pattern of infiltration clearly shows that there was more than one entity involved,” S M Arif, a financial expert and banking technologist, told Arab News.
“We have to evaluate whether only the data which was available in the dark web was compromised or other data was used as well,” Arif said, adding that in circumstances where the data from one country is used for withdrawal purposes in another country while a third individual is the beneficiary “could only be done by those who have access to the data”. “The withdrawals have taken place through a financial system which means it is the failure of multiple entities on multiple points,” he said.
A B Shahid, a senior banker, told Arab News that the recent incidents of cyber-fraud have exposed the loopholes in the financial system and shaken the confidence of customers. “The customers believed that the banking systems was most reliable and secure for their savings but their confidence has been shaken to a large extent,” he said.
Holding the SBP and the management of various banks responsible for the infiltration and hacking, Shahid said that the financial bodies could have taken a cue from Wikileaks which had “exposed the system’s weaknesses”.
“Wikileaks clearly demonstrated that data can be downloaded and used for various reasons. In the race to promote electronic banking in Pakistan, neither the regulator nor the banks’ management took steps to install an anti-hacking system which is clearly evident from the recent incidents,” he said.
Users log off permanently to avoid cyber fraud
Users log off permanently to avoid cyber fraud
- Security of nearly 20,000 bank accounts compromised in recent heists
- Experts blame regulator and financial bodies for failure to prevent online attacks
Pakistani energy giants increase investment in Reko Diq gold mine project to $1.25 billion
- Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan
- Feasibility study shows project has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold
KARACHI: Pakistani state-owned Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL) have increased their investments in the Reko Diq gold and copper mining project to $1.25 billion, the energy firms said in separate filings in the Pakistan Stock Exchange (PSX).
The OGDCL and PPL, each holding 8.33 percent stake in the multi-billion-dollar project through Pakistan Minerals (Private) Limited, have completed their feasibility studies. The third state-owned shareholder is Government Holdings (Private) Limited, according to the stock filings.
Each of the two oil and gas explorers have decided to increase their funding commitment with respect to the project, reflecting their pro rata share of total capital investment, inclusive of project financing costs, to $627 million. The financing cost is to be adjusted according to the actual project cost and inflation.
On Tuesday, the Economic Coordination Committee (ECC) of the federal cabinet also approved a summary regarding the Reko Diq project and changes in its overall development plan, the Finance Division said in a statement.
“The ECC took up a summary by the Petroleum Division regarding the Reko Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery,” the statement read.
“The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.”
Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Out of the total shareholding of Reko Diq project, 25 percent is held by the provincial government of Balochistan — 15 percent on a fully funded basis through Balochistan Mineral Resources Limited and 10 percent on a free carried basis — and 50 percent is held by Barrick Gold Corporation which is the operator of the project.
As per the estimates, the increase in copper and gold prices has offset the impact of higher project costs, according to the two energy firms. The feasibility study of the project shows it has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold.
The project will be executed in two phases, with the phase one having an estimated capital outlay of $5.6 billion that is exclusive of the financing costs and inflation. It is planned to be funded through a limited-recourse project financing facility of up to $3 billion with the remaining funded through shareholder contributions, the OGDCL and PPL said.
The energy companies plan to fund the second phase through a mix of revenue generation from the project, additional project financing and shareholder contributions, if required. Under the updated feasibility study phase one is planned to process 45 million tons per annum (Mtpa) of mill feed from 2028. While phase two is planned to double the processing capacity to 90 Mtpa by 2034.
The project will leverage five of the currently identified 15 porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Negotiations for the proposed project financing are ongoing.
‘No evidence’ of Pakistan supplying weapons to Ukraine — Russian envoy
- Russian Ambassador Albert P. Khorev praises Islamabad for maintaining a ‘neutral position’ in the Russia-Ukraine conflict
- Russia will ‘consider’ mediating between Pakistan, India under its ‘Eurasian security concept’ if both nations agree, he adds
ISLAMABAD: Russia’s Ambassador to Pakistan Albert P. Khorev on Tuesday dismissed reports about Islamabad supplying weapons to Ukraine in the war against Russia, saying that “no evidence” had been found in this regard so far.
Pakistan’s former prime minister Imran Khan’s was visiting Russian in Feb. 2022, when Moscow launched a full-scale invasion of Ukraine following its annexation of Crimea in 2014.
During the war, reports emerged in the British, United States and Indian media that suggested that Pakistan had sold arms worth millions of dollars to Ukraine in the war against Russia.
“We heard of such reports, such information, but we still haven’t got any evidence so far,” Ambassador Khorev told Arab News in an exclusive interview. “No evidence as of now. So, at this stage, I would prefer to not comment until we have any.”
The ambassador praised Islamabad for maintaining neutrality in the Russia-Ukraine conflict despite “pressure from the Western camp.”
“We are grateful for the Pakistani government for its neutral position in this conflict around Ukraine despite the pressure from the Western camp, previous US administration and European leaders,” he added.
The ongoing Russia-Ukraine war has killed more than 250,000 people, and the US, Russia and Ukraine are currently holding talks in Saudi Arabia to implement a ceasefire that may eventually lead to an end to the conflict.
MEDIATION BETWEEN PAKISTAN AND INDIA
Asked if Russia could mediate between Pakistan and India on outstanding issues, Khorev said Moscow would “consider” the idea if the nuclear-armed South Asian neighbors deemed it appropriate.
Relations between India and Pakistan have been fraught for years with the Muslim-majority Himalayan region of Kashmir being a flashpoint between Pakistan and India since their independence from the British rule in 1947. Both Pakistan and India rule parts of the Himalayan territory, but claim it in full and have fought three wars over the disputed region. Both countries also often accuse each other of fanning militancy.
The idea could be supported by Russian President Vladimir Putin’s new Eurasian security concept, according to the Russian envoy. Eurasia refers to the combined landmass of Europe and Asia including countries like Russia, China, Pakistan India and those in Central Asia, which are of significant geopolitical and strategic importance.
“The Eurasian security concept’s main principle was that Eurasian conflicts should be solved through Eurasian actors which means without influence from abroad, different continents and parts of the world,” Ambassador Khorev said.
Pakistan approves fast-track plan to privatize loss-making national airline
- Cash-strapped Pakistan wants to privatize debt-ridden PIA to reform state-owned enterprises
- Pakistan hopes the restoration of PIA routes to Europe will boost the airline’s appeal to buyers
ISLAMABAD: The government has decided to endorse a plan to fast-track Pakistan International Airlines Corporation’s privatization, state media reported on Tuesday, while reiterating its resolve to offload loss-making public entities from the national exchequer.
Cash-strapped Pakistan is looking to privatize the debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program secured last year.
The decision to endorse the new privatization plan follows Pakistan’s failed attempt last year to offload a 60 percent stake in the airline, which drew just a single offer that was well below the asking price.
The issue PIA privatization came under discussed at a meeting in Islamabad chaired by Deputy Prime Minister Senator Ishaq Dar.
“Cabinet Committee on Privatization (CCOP) on Tuesday approved a fast-tracked plan for the privatization of Pakistan International Airlines Corporation (PIACL), including the divestment of 51-100 percent share capital together with management control,” the Associated Press of Pakistan (APP) news agency reported.
“The deputy PM emphasized the government’s commitment to PIACL’s privatization to unlock its full potential and reduce financial burden on the national exchequer,” it added.
APP did not provide further details of the revised plan or explain how it would differ from the previous unsuccessful effort.
Earlier this month, the government appointed Muhammad Ali, formerly the special assistant to the prime minister on the power sector, as adviser for privatization.
Last year, PIA got permission to resume operations in Europe after a 2020 ban by the European Union Aviation Safety Agency (EASA), which had raised concerns about the ability of Pakistani authorities and the Civil Aviation Authority to ensure compliance with international aviation standards.
EASA and UK authorities had suspended PIA’s operations in the region after Pakistan launched a probe into pilot licensing irregularities following a 2020 crash that killed 97 people.
Pakistan hopes that the restoration of routes to Europe and anticipated approval for UK operations will boost the airline’s appeal to potential buyers.
WWF, global biopharma giant join hands to protect freshwater resources in Pakistan, India
- Freshwater ecosystems have seen an alarming 85 percent decline in wildlife since 1970, WWF says
- Pakistan’s Indus Basin, in particular, faces threats from pollution, dams and climate change
ISLAMABAD: The World Wide Fund for Nature (WWF) and the GSK global biopharma giant have launched a five-year initiative to conserve and restore freshwater resources in water-stressed regions of Pakistan and India, Pakistani state media reported on Tuesday.
The collaboration, running until 2030, will focus on the Indus River Basin in Pakistan and the Sutlej River Basin in India, key areas for medicine production. The initiative aims to replenish over 300,000 cubic meters of water and benefit more than 100,000 people by implementing nature-based solutions.
Key efforts include restoring freshwater habitats, protecting endangered species like river dolphins and otters, and promoting sustainable water management in local communities and farms, the Associated Press of Pakistan (APP) news agency reported.
“Ensuring sustainable water supply is critical to delivering life-saving medicines,” Regis Simard, president of global supply chain of GSK that operates three manufacturing sites in these regions, was quoted as saying by the APP.
“Partnering with WWF allows us to drive meaningful change in these vulnerable ecosystems.”
Freshwater ecosystems have seen an alarming 85 percent decline in wildlife populations since 1970, according to WWF’s Living Planet Report. The Indus Basin, in particular, faces threats from pollution, dams and climate change.
The partnership aligns with global biodiversity goals, including the Freshwater Challenge that seeks to restore 300,000 kilometers of rivers and 350 million hectares of wetlands by 2030.
“Pakistan faces severe water scarcity and pollution,” said Hammad Naqi Khan, director-general of WWF-Pakistan, highlighting the urgency of water conservation.
“Companies like GSK are leading by example not just reducing water use but actively replenishing resources.”
Rescued dog helps police find owner’s body, wife and brother-in-law held
- Omar Hayat, an agricultural worker, had rescued a stray dog with broken legs and nursed it back to health
- Hayat’s body was buried under a heap of cow dung, which was then set on fire to destroy any evidence
KARACHI: A stray dog rescued and nursed back to health by a Pakistani agricultural laborer led police to its owner’s buried body, exposing a murder plot allegedly orchestrated by the victim’s wife and her brother, officials said on Tuesday.
Omar Hayat was killed last month in a village in Tehsil Chichawatni, located in Punjab province. His wife, Shamim, and her brother, Fida Hussain, were arrested and sent into judicial custody on Monday, according to Station House Officer (SHO) Shahzad Ahmed.
“Omar Hayat had found the dog on the roadside months earlier, with both of his legs broken,” Ahmed told Arab News over the phone. “He took it in and treated its legs. After approximately two months, the dog was able to walk again. Since then, the dog stayed with Hayat all the time.”
The SHO said that when Hayat went missing, the dog began searching for him.
“It sensed its owner’s scent and started digging a pile of burnt cow dung with its legs. It continued this for two days until the legs of the body appeared,” he continued, adding that a local resident, Bilal Shah, saw the remains and informed the police.
“We called the crime scene unit and began collecting evidence,” the police official said.
According to him, the victim’s face had been completely burned, making identification difficult. His wife also refused to identify the body and “continuously misled the police,” he added. However, Hayat’s mother recognized the legs, saying they resembled her son’s, and subsequent DNA testing confirmed the body’s identity.
“We arrested Shamim’s brother, Mudasir, a week ago, and Shamim was arrested two days ago,” the police official said. “Yesterday, both were sent to jail on judicial remand.”
During interrogation, both suspects confessed to murdering Hayat and burying his body under a pile of cow dung, which they set on fire in an attempt to destroy evidence and hinder identification.
“Hayat’s wife said that her husband used drugs and had affairs with other women,” Ahmed said. “After catching him with a woman, his wife went to her brother, and they both murdered him.”
Originally from Multan, Hayat worked at a farmhouse in a Chichawatni village, where he lived with Shamim and their four children.
Shamim belongs to Khanewal, and the couple had been married for 15 years.
