While digital banking in Bangladesh is growing rapidly, speakers at a seminar on Thursday cautioned that customers continue to face significant risks from security lapses and fraudulent transactions.

The seminar, titled ‘Digital Banking for All: Bridging Gap in Financial Inclusion’, was organised by the Dhaka Chamber of Commerce and Industries (DCCI) at its Motijheel auditorium.

The speakers said that fraudulent activities in banks and mobile financial services (MFS) have increased alarmingly. Victims often struggle to seek remedies because scammers use fake information when opening accounts or MFS outlets, making them difficult to trace.

It was reported that fraudulent groups siphon off between Tk10 crore and Tk20 crore every month.

Shish Haider Chowdhury, secretary of the ICT Division, was the chief guest, while Md Rezaul Islam, executive director of Bangladesh Bank, attended as the special guest. The event featured a keynote presentation by Sanjida Hossain, head of commercial partnership at Robi Axiata PLC.

Panel discussants included MD Elius Zillu, additional deputy commissioner of DB Police, DMP; Arif Khan, vice chairman of Shanta Asset Management; Kazi Azizur Rahman, additional managing director of City Bank; Shahee Mirzar, chief cyber operation officer of Beetle Cyber Security Ltd.; and Rezwan Ali, director of Omega Exim Ltd. Taskeen Ahmed, president of DCCI, moderated the event.

ICT Secretary Shish Haider Chowdhury emphasised the need to introduce a digital verification and identification system to support the growth of digital banking and a cashless economy.

He also highlighted the importance of a coordinated effort among Bangladesh Bank, commercial banks, MFS providers, the ICT Division and the police to establish a truly cashless society.

Bangladesh Bank Executive Director Dr Rezaul Islam stated that the central bank is actively issuing licenses for digital banks to promote a cashless payment system for all transactions.

DB Police Additional Deputy Commissioner Elius Zillu noted that around Tk10–20 crore has been stolen monthly from banks and MFS sectors by fraudsters. He stressed that service providers must prioritise the security of their clients’ money.

Arif Khan of Shanta Asset Management suggested that Bangladesh should introduce a personal credit rating system, similar to those in the USA, China, and Singapore, to assess customer credibility.

He said such a system would make digital banking more accessible once implemented and cover all citizens.

City Bank Additional Managing Director Kazi Azizul Islam called for reforms in financial laws, pointing out that financial cases can take at least five years to settle, which contributes to scams and loan defaults.

He proposed establishing a separate court to handle financial cases more efficiently.

Despite these security challenges, the seminar highlighted the significant progress made in digital financial services, as MFS and Agent Banking have played a key role in promoting financial inclusion, particularly in rural areas.

Launched in 2011, MFS is now used by approximately 54 percent of the population. By 2024, 85 percent of the rural population had access to formal banking through Agent Banking.

Internet banking users have increased to 44 percent of the population. Payment systems such as Bangla QR, BEFTN, NPSB and BD-RTGS have made transactions faster and more secure.