The banks are perceived are the safest at the significant number of people. The common public is wary of the risky investments and tends to gravitate further towards the familiar and what could be more familiar than the neighborhood bank together with a cash machine sticking out of the wall? And the month of October has brought a quite shocking news right for the Indian debit and credit card users as more than the summation of over 3.2 million debit cards are now known to have been compromised. Indeed it said that card compromised has been recorded as the massive breach of the security right in the Indian banking system. The largest Indian bank in which is the Bank of India has been the very worst hit with the summation of more than 600,000 debit cards has been quite affected.
The Indian banking is reeling right from the cyber attack! And it has been reported by the Indian Express newspapers that there are 19 banks have had their complaints right from their customers that their cards were used abroad while they were exactly in India. These cards were mostly used to access funds in the locations in China and the United States of America. The Additional Secretary of Financial Services, Government of India GC Murmu told that the Indian Express have compromised for over 0.5% of total debit cards in the entire country. And a person that is being involved right in the investigation of the debit card scam told right in the Business Standard newspaper that, “One of the processors of the Hitachi Payments’ central switch had been severely attacked and the malware has been deployed onto it switch and was active for the summation of six weeks. The data of all the transactions had passed all the way through the switch and had been possibly compromised. This indeed occurred at the YES Bank, the White Label Operator ATM (WLA) and also to a Korean bank ATM.”
The question that lingers was how the debit cards were being compromised? The National Payments Corporation of India in which is the NPCI had further explained in a press release happened on the 20th of October in this same year, how the scam has unfolded. The banks had made their complaints that their customer’s cards were being fraudulently used in various locations such as China and the United Stated of America and also feared that there had been a compromise of card data. There are three significant payments processors right in India in which was the MasterCard, Visa and also the RuPay starting onto the collaboration on this issue in the September of 2016. The investigations have revealed that the frauds were due to a probable compromise at a payment switch provider’s system.
The further analysis has revealed that the feasible card numbers that may have been compromised. The RuPay cardholders have not complained, but as of now it is not that possible to use a RuPay card outside of India. Also the NPCI states that the fraudulent withdrawals are limited to cards of the 19 banks and also possibly the summation of over 641 customers and the total summation amount being involved in 13 million Rupees.