Preventing financial fraud is the main challenge now: Palak

Preventing financial crimes in all sectors, including e-commerce and banking, has become the main challenge for the government, Zunaid Ahmed Palak, state minister for Information and Communication Technology (ICT) Division, said on Wednesday.

He said the solution for fighting financial fraud is using technology and ensuring digital transactions.

The state minister made the remarks at a "Meet the Reporters" programme and the inauguration ceremony of an app at the Sagar-Runi Auditorium of the Dhaka Reporters Unity (DRU).

 "We are working on digital solutions against corruption in every sector including banking and e-commerce. All transactions will take place online. This will ensure an account of how much money is being transacted and by whom," said the state minister.

"We want to ensure transparency and accountability in the transaction system."

Answering questions about the recent incidents of corruption centring some e-commerce companies, Palak said, "A large-scale abnormal situation has been created on the backdrop of unusual discount offers by some e-commerce companies. They are luring customers by selling goods at lower prices than their market values. Money has been embezzled through this scheme."

The state minister suggested forming a regulatory body to ensure that no companies are selling goods at lower prices than the market values.

Also, commenting on the legalisation of Bitcoin, a digital crypto-currency, Palak recommended DRU can arrange a seminar in collaboration with all the stakeholders, including the Bangladesh Bank, in this regard.

Palak handed over 15 computers to DRU on behalf of the ICT ministry at the programme and promised to install a "Sheikh Russel Digital Lab" there.

Meanwhile, speaking on the newly launched app, DRU President Mursalin Nomani said it was developed to digitalise the professional reporters' organisation.

"This app will make it easier to make donations for the members, said Nomani, adding that it will also have the member list and all notices issued by DRU.