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Friday, October 21, 2016

10 Points On Debit Card Data Breach

After the security breach of around six lakh debit cards issued by it, the State Bank of India, the country's largest lender, has advised its customers to use the its own ATM network as a "pro-active measure".

1. SBI had blocked the debit cards whose security had been reportedly breached due to a malware attack.

2. The state-run bank said it will replace 6,25,000 debit cards as precaution. "the bank is aiming to replace around six lakh debit cards within two weeks," Partha Pratim Sengupta, CGM of SBI Bengal circle, told reporters here on Thursday night.

3. SBI has said that customers will be compensated for losses, which it estimates at about Rs. 10 lakh to Rs. 12 lakh.

4. Finance Minister Arun Jaitley said on Friday that he has sought a report on the misuse of debit cards after a massive data breach compromised over 3 million cards. "The idea is to contain damage," the finance minister said.

5. The government has asked the Reserve Bank of India and banks to provide details of the hacking and also report on banks' preparedness to deal with cyber crimes. "Customers should not panic because these hackings are done through computers and a trail can easily be reached, they should not be alarmed. Whatever action has to be taken, it will be done with speed," said Economic Affairs Secretary Shaktikanta Das.

6. 3.2 million debit cards of major public and private banks are feared to have been compromised by a cyber malware attack in some ATM systems, the National Payments Corporation of India or NPCI has said.

7. The government's national card payments network said a forensic audit was ordered after banks reported that debit cards of their customers were fraudulently used in China and the US. It said 641 customers from 19 banks had reported fraud withdrawals of a total Rs. 1.3 crore.

8. Fraudulent withdrawals have been reported from 19 banks so far while complaints have been received from a few banks that their customers' cards were used fraudulently abroad, mainly in China and the US while the customers were in India.

9. Banks said they have advised customers to change the security codes or PINs for their debit cards and have blocked the cards of those they could not contact.

10. There are around 60 crore debit cards operational in India, of which 19 crore are indigenously developed by RuPay while the rest are Visa- and Master Card-enabled

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