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Banks recall 3.2 mn debit cards as data security 'compromised'

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Fraud exposed! 3.2 million compromised cards is a big number! Beware of card scams!

[h=1]Banks recall 3.2 mn debit cards as data security 'compromised'[/h]October 20, 2016 21:04


In biggest-ever security breach affecting the Indian banking sector, 32 lakh debit cards of various public and private sector banks are feared to have been 'compromised' by cyber malware attack in some ATM systems, even as the government asked people not to panic.

Several banks, including state-run SBI, have recalled a large number of cards, while many others blocked the ones suspected to have been compromised and asked their customers to change PINs (personal identification number) before use.


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


"All affected banks have been alerted by card networks that a total card base of about 3.2 million could have been possibly compromised. Out of this 0.6 million are RuPay cards," said National Payments Corporation of India, the umbrella body for all retail payments system in India.


In a statement, NPCI said the complaints of fraudulent withdrawals so far have come from 641 customers and the total amount involved is Rs 1.3 crore as reported by various affected banks.


Seeking to calm worried bank customers, the Department of Financial Services Additional Secretary G C Murmu told PTI, "Only about 0.5 per cent of total debit card details were compromised while remaining 99.5 cards are completely safe and bank customers should not panic."

http://news.rediff.com/commentary/2...-compromised/a16436b61107b8501e8e4f5457fe1c11
 
Yes it is a very serious issue. One of my colleague has lost money in this. I also got a call to change my pin from the bank. Situation seems to be quite serious and many customers are panic.
 
hi

how the country can move CASHLESS.....CASH IS SAFE THAN CREDIT/DEBIT CARDS....WE MAY LOOSE THOUSANDS IN CASH...
 
Losses are minimum but it would shake the customer's confidence!

MUMBAI, October 21, 2016

Banks cut limit, replace cards to plug data loss




If you have got a text message from your bank to change your PIN (personal identification number) and you have not done it so far, chances are your withdrawal limit from an automated teller machine (ATM) could be cut.
This is among the several steps that banks are taking to reduce the fallout from the debit card data that is suspected to have been compromised.
Private sector lender Yes Bank, for example, has decided to reduce the cash withdrawal limit from ATMs in case their customers have not changed the card’s PIN even after they have been alerted.
The cash withdrawal limit has been reduced to Rs.5,000 per transaction. Typically, the limit for cash withdrawal per transaction is about Rs.25,000 but can be as high as Rs.2 lakh for high net-worth individuals. The move is aimed at minimising the potential loss if a compromised card is misused, a bank official said.
Private lender Axis Bank is replacing the card if customers have not changed the PIN number.
“Over the last few weeks, Axis Bank has proactively reached out to the affected customers and advised them to change their debit card PINs,” a bank spokesperson said. “The Axis Bank ATM network is fully secured and customers should ideally use Axis Bank ATMs to change their debit card PINs.”
New PIN
ICICI Bank, the largest private sector lender, decided to send new PINs. “As a precautionary measure, the PINs of debit cards used at the ATMs of that bank have been changed. This has been done in order to protect our customers from any potential fraudulent transaction,” ICICI Bank said in a statement.
State Bank of India will replace all suspect cards.

http://www.thehindu.com/news/nation...ce-cards-to-plug-data-loss/article9247774.ece
 
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