Panel to prevent credit card fraud

Under Payment Devices Frauds Act:

Dharma SRI ABEYRATNE

A panel of experts will be appointed under the Payment Devices Frauds Act Number 30 of 2006 by the Government to prevent credit card related fraud, Mass Media and Information Minister Keheliya Rambukwella said.

The Payment Devices Frauds Act was passed by Parliament in 2006 aiming to introduce provisions to counteract the high incidence of payments of card frauds and for investigations, prosecution and punishment of offenders.

The Minister was addressing the Cabinet media briefing yesterday. According to the provisions of the Act, the police will act against fraud related to credit cards.

Provisions under the Act, provide powers for the relevant Minister in charge of the subject to make regulations with the approval of Parliament. Accordingly, the Panel of Experts with qualifications in electronic engineering or software engineering will be appointed. The expert panel will assist the police in investigations regarding credit cards frauds.

"According to the provisions of the Act, the suggestion which came under Number 1536/27 and 1677/26 Gazette Notification of appointing the expert panel was forwarded for Parliament approval in due course. A proposal made by the President to present such regulations in Parliament was approved by the Cabinet," the Minister said.

Six members will comprise the expert panel while Sri Lanka Computer Emergency Response Team (SLCERT) will also play a major role in the panel.

Meanwhile, the Government will assist higher education students to overcome the financial difficulties. Under this program, students entering universities from lower income families could obtain loans from banks for their academic activities.

The loan will have to be settled compulsorily once they are employed from their monthly salaries after passing out from universities.

Students entering universities from lower income families at present are provided financial assistance through university bursaries such as the Mahapola Scholarship scheme. However, it has been observed that funds received by students through such schemes are inadequate for their academic activities.

Therefore the students have to encounter difficulties when obtaining bank loans for academic requirements.

Considering this situation Cabinet approval was granted to instruct the Legal Draftsman to draft a Bill for a new Act called the Human Capital Development Financial Act.

Minister Rambukwella pointed out that such financial assisting program is carried out in India for the betterment of university entrants.