Five Questions Raised by ATM hack by Chinese

Is My Money Safe with the Bank?

We all have trusted the Bank to safely store our money. Luckily, Both NRB and Banking association assured that no customer accounts were affected by the Hacks. Thats a good news. But will it be the case every time? We now know that foreigners can walk in to the country hack our ATMs, Steal our money and fly back. Is our Money safe with the Bank or should customers start looking for building strong vaults in their homes ?

Do Banks even know what they are doing?

If Nepalese have trust over anyone/anything, then its the Bank. But now Nepalese are so used to these kinds of hacks and money steals. This is not the first time money has been stolen from the bank. While Nepalese banks keep bagging “Banker of the year” award, the question is do the banks have the capacity, knowledge and technology to hold your money? How will banks assure their customer that the Bank knows what they are doing.

Do we have Technology enough?

Banks have never really told us how strong they are with the technology. We have no idea if they use Excel Online or some kind of robust Fintech that banks all over the world use. We dont bother to ask, they dont bother to tell. Based on how we fill forms and queue up in the counters, I have a strong feeling that banks use Excel Online as their primary tool for banking. Well, we never know, unless they tell us. Does the Country have a mechanism?

Where would the money be used?

Well, we all know, Nepalese currency is crap. You can not exchange it or used it elsewhere than Nepal. When the alleged criminals were caught with so much Nepalese currency and ready to escape the country. We don’t have a clue about how were they going to use the money. One of the Valid guess is money laundering over seas through remittance. Drugs, Crime, Weapons what else, we don’t know. But does anyone in this country know? Or will it be used to fund Tibet Revolutions? We don’t know.

Is it the Tip of Ice Berg?

Well, we know, media are provided with least possible information so are the public. The criminals were found to be cool, calm and not even sad when they faced the juridiction. Is it just the tip? If it is an organized crime, how big is it? Have they done this before? What is it that we dont know ?

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