Home' Trinidad and Tobago Guardian : May 14th 2015 Contents MAY 2015 • WEEK TWO www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG7
Cybercrime and fraud are
just two threats to banks
being discussed at the
Banking on the Future
Summit which ends today
at the Hyatt Regency in
Port-of-Spain. The two-
day conference is jointly
sponsored by F-Finity Group Inc of Canada
and T&T-based InfoLink Services Ltd (ISL).
Glynis Alexander-Tam, general manager of
ISL, the company which introduced Linx serv-
ices in T&T 20 years ago, said a key area of
focus is the Foreign Account Tax Compliance
Act (FATCA), a United States federal law which
requires US citizens to file taxes on revenue
kept in US and in other territories. The law
requires non-US financial institutions to search
its records for US citizens who are not declaring
their assets too.
She said accountability, transparency and
risk will be tightened when FATCA is fully
"It is all about risk. The global meltdown
in 2008 had to do with financial risk and
people not paying attention to financial risk."
Commenting on the fraud challenges facing
the banking sector, E-Finity Group president
Craigg Ballance said most of the technology
installed on credit cards have assisted in mit-
igating that threat in terms of people mis-
using cards and unauthorised access.
"On the corporate side, there is still some
risk in organisations. Internal problems tend
to be the highest point of risk rather than out-
side parties coming in and attacking data bases
and systems. Banks and financial organisations
are less at risk from third party attacks where
fraud is concerned," he said.
Ballance said cyber attacks on banks include
distributed denial-of-service (DDoS) which is
used to hold organisations "hostage by telling
the bank if you don t pay us money we are
going to bring down your system."
"They would do that through hijacking
thousands of computers with viruses and con-
trol those computers to attack the bank s sys-
tem through the ATM network, or online bank-
He said the DDoS results in customers being
unable to access to their accounts because a
wall preventing use of the banking system is
Ballance said another common method of
attack is phishing where fake emails are created
to ask for a password with the claim that
"somebody is trying to get into your account,
just answer this email to our security depart-
ment and we will fix it for you."
"The request is not from that bank, it is
from a criminal but there is a proportionate
amount of people who fall for that. They give
away their password and their access infor-
mation. It is not considered fraud, it is a stealing
of personal information."
Chip technology has been in use for about
nine years and since then, Ballance said, issues
like theft of bank cards and the subsequent
fraud have "disappeared."
"Around the world, the financial community
has adopted this technology as a standard.
The chip coupled with your personal infor-
mation number prevents fraud," he said.
Ballance said it is up to financial institutions
and countries to implement information shar-
"There are no borders anymore (when it
comes to cybercrime). Just because you are
sitting in Port-of-Spain doesn t mean some-
body from Bulgaria, or from some place in
the Middle East, couldn t be attacking your
environment just like they would be attacking
an environment in New York or Toronto. There
are no more borders when it comes to the risk
and that s why it is important to share glob-
"Public sector agencies tend to be concerned
about infrastructure and policy. As things
emerge, that means we need to analyse what s
going on, we need to put framework and infra-
structure in place. The financial industry . .
. they are very transaction oriented, they can t
wait to find out that there is a policy."
Ballance said the biggest challenge for banks
around the world is the entry of new unreg-
"We have parties that are not regulated. We
have other parties that do payment transac-
tions, they do money acceptance and storage
but they are not under a regulatory framework.
They can do whatever they want. If you have
financial information stored in those entities
who knows what can happen there are no
rules," he said.
He suggested that organisations like PayPal
and Amazon be regulated, he suggested.
Ballance, who has worked in the financial
industry in 27 countries, said there is need for
more dialogue between regulators and the
financial industry. Nadaleen Singh
Cybercrime in focus
at banking summit
Craigg Ballance, president, E-Finity Group Inc, and Glynis Alexander-Tam, general manager,
InfoLink Services Ltd. PHOTO: SHIRLEY BAHADUR
entailed removing 450,000 cubic
metres of silt using a trailer suction
hopper dredge and disposing of the
material at an offshore disposal site
22 kilometres away.
The project began on January 16
and work went on round the clock
until completion on March 21
"We removed 471,000 cubic metres
of silt. Some of it was slush, some of
it was clay which was not suited for
this type of vessel but we did our best
in order to deliver what the client
wanted," Sirjue said, adding that there
would have been serious repercussions
if dredging of a port had been delayed.
Ports deal with importing and
exporting cargo and vessels require a
depth of at least 11 metres of water
to berth, or they could run aground,
or the bottom of the ship touches the
"Captains do not like that at all. It
goes into their bow thruster system
which is costly," Sirjue explained.
"There are a lot of legalities
involved, especially in port dredging.
Where ports become silted up, they
no longer have a free flow of traffic
because they have to wait on high
tide for vessels to come in, so in
essence productivity is cut down.
He said if the port silts up even
further, the high tide will not alleviate
the situation and there could be a
need to "cut down the cargo."
"Whereas you could have previously
loaded 100 tonnes, you can only load
half since the more you load the deep-
er the vessel goes down in the water."
Woman at the helm
Asma Hosein joined ATL one year
ago and was instrumental in intro-
ducing the company to the marine
sector. She played an integral role in
the dredging project from inception
to completion, ensuring it was done
in accordance with the scope of works
and delivered on time, on schedule
and within budget.
She was also on site in Antigua
working closely with the manager of
the Port of Antigua and Barbuda, Dar-
win Telemaque and William Castleton,
regional manager, Caribbean and Cen-
tral America, for Boskalis Internation-
al.This was a milestone project for
ATL and Asma s dedication and com-
mitment paid off in the end.
Asma said she admires women who
occupy leadership positions in male-
oriented enterprises. Her advice to
women in the workplace is to so the
same as men.
"Do your best, realise your poten-
tial," she said.
About ANSA Technologies
• Supplies pipe valves and fittings to energy, utility and other industrial enterprises in T&T, Guyana,
Barbados, St Lucia and Grenada
• Provides electrical services, including design and construction of electrical infrastructure, as well as
instrumentation for for PCS Nitrogen, Methanex and other plants on the Point Lisas Industrial Estate.
• Supplies safety and environmental products and equipment.
• ATL is STOW and ISO 9001:2008 certified.
• Having made the bold step into the marine sector, ATL plans to continue on that growth trajectory.
From Page 6
Rawle Sirjue, left, general manager at RS Hydrographic Services, discusses the dredging project with ATL
managing director Aleem Hosein and executive director Asma Hosein. PHOTO: RISHI RAGOONATH
Harbour now ranks No 17
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