Card Busters

Sumith Arangala, Chief Executive Officer, LVL Energy Fund (left) handing over the agreement to Nanda Fernando, Managing Director, Sampath Bank

Sri Lanka’s cabinet of Ministers agreed to adopt a draft bill dealing with transaction devices including ATM and credit cards this week. Legal Draftsman Therese Perera on Friday said that the bill was near finalization, with only a component dealing with information technology pending.

“We are working with the ICT Agency to make sure the legislation is relevant to technology developments as well.”

Perera expects the bill to get an all clear by end January.

Sri Lanka with a credit card population of just under 600,000 (Central Bank) recorded over 1600 cases of transaction related fraud in 2005, up an estimates 60 percent over 2004, a local law enforcement agency said.

Todate card crime is being dealt with civil laws, a long drawn out process, due to a lack of specific legislation governing transaction devices like credit and automated teller machine cards.

Most card frauds involve stolen credit card numbers and counterfeit credit cards, which are used to buy goods or services and now increasingly over the internet.

-LBO Newsdesk: