The first privately operated Libyan banking service provider, Bank of Commerce and Development, launched an e-banking service, an Online Bank they called it, but my question is: Is it secure?
Banks deal with very sensitive data, its sensitivity comes from having to deal directly with bank accounts, and those have MONEY in them. So is the quality of services that high? Did Libyan banks, private or government owned, become that capable of providing such service, and running it without the risk of an info leak, or a security breach?
I guess not, my answer will be… But what might you think? My advice: Do not use such services, or any other kind of service that might make you the victim of online banking theft crimes, and believe me, there are a lot of those who can hack into banking systems and rob them clean.
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October 17th, 2009 at 4:39 AM
Their website is far from being up to standards, I'm sure their e-banking service is away from being secure or reliable. you're Absolutely right the clients deserve a professional service for their money but remember that there is barely any real competition in Libya.
October 17th, 2009 at 10:18 AM
No one would say that such applications is secure, in general view. But what if they already applying a service for one of the big security companies?
I suggest that if you're client of the bank, that you contact them and make sure of that. If you still have your doubts, then just make sure if the account can make transactions online: if it is just to review your account, and information about withdrawals and deposits then why not.
I, personally, will use such services with caution. And encourage such efforts to bring more technology to Libyan users.
Thanks for posting
October 17th, 2009 at 9:58 PM
A million miles trip starts with one step, wait and see if someone gets robbed don't use the bank if they didn't then some technology wont hurt anyone, I've also met a lot of people who calls them self hackers and they where actually dump, if you get robbed then it will be by some overseas hackers.
October 18th, 2009 at 5:13 PM
regardless of it is secure or not, it has to start so that it will enter the 21 century technology.
I am happy to see it start. I am in USA for about 30 years and counting but the security issue is every day concern.
Good to such service started.
October 18th, 2009 at 5:26 PM
wow i never knew that!!!:)
i agree with Abdul!
October 25th, 2009 at 3:30 PM
Well..Good point. It is not secure for sure… but the bank service is so basic that it doesn't include transactions or other materials that is useful for a professional criminal.
I have the service and it only shows your account information & statements. I personally I see a lot of flows in their systems. For example they sent ALL the access info (Account No. & PIN and Pass code)as one SMS..to name a few.
For me it is good way to checking up my account but as you guys said be cautious.
November 21st, 2009 at 2:20 PM
I wouldn’t trust BOCD with online banking or with anything for that matter for two reasons:
1- did i tell you about my friend who wrote a check to himself, went to withdraw the money, and then discovered BOCD has withdrawn the money from his BROTHER account!!!!!!!i guess a bank who would make that mistake cannot be trusted with anything.
2- their infrastructure is built upon LTT network, which is for your information is the least secure network in the whole world, it is a shame what those guys are being payed to do.
November 27th, 2009 at 9:55 PM
Thank you for this great negative article,I'm clapping for you right now actually you are absolutely persuaded me to cancel my account in this bank.
you advised me to non-use this service, so which service you advice me to use, HSBC's services?
by the way, you asked is that secure,, what do you think about HSBC e-banking, is it secure? it is NOT Libyan service anyway, i think that means it is completely secure
Mr Abdel Eljaroshi, are you an Information Systems Analyst or security administrator? if you are, did you check the system of ebanking services of the Bank of Commerce and Development? if you are, please inform your readers, and provide them your technical report.
Or if you are just an journalist, interested or researcher, pleas have a note, make a scientific reportage, have a technical help and please please DON'T make us doubt the bank where we save our money
Nothing Personal