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Thursday, October 20, 2016

Your debit card may have been used in China

The MD & CEO of National Payments Corporation of India, AP Hota, said many banks have complained in September that the Indian based customers' debit cards are being used in China.
In an interview with CNBC-TV18 he said, this is what alerted NPCI to take corrective measures against the suspected breach of data security.  

Below is everything you need to know about the data breach: 
A few month ago at a Mumbai based private bank, the suspected breach of data security originated. The identity of the bank has not been revealed.

The pre-emptive steps taken by the bankers include asking customers to change the PINs of their ATM-cum-debit cards, which has now gone up one level to changing cards as well, if the customers do not change the PIN.

According to bankers, the breach effected in such a way that anyone using the said bank's ATMs in the region might stand to get affected.

The State Bank of India has also started a process to block the cards of those who did not change the security code at its own cost, after asking its customers who may be potentially hit.

According to media reports SBI has recalled 6.25 lakh debit cards due to malware-related security breach. However.

According to NPCI only 150 complaints on customers' part have been received so far. As many as 90 ATMs have been compromised, he added.

All the bankers were quick to claim that the breach has not led to any monetary losses to anyone and all the measures being taken are to safeguard the system against any potential threat.

It is advisable to not use any other banks' ATMs as a precautionary measure...

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