It was unprecedented when SBI, country’s largest bank blocked lakhs of debit cards fearing security breach. According to reports, this could be the biggest security breach to hit the Indian banking system.
About Security breach
About 30-32 lakh debit cards came under potential threat of fraudulent practice after an ATM security breach through malware infestation. If reports are to be believed Hitachi Payment Services were infested with malware that helped the cyber attackers to lift personal information from the cards (once you swipe to make your transaction) thereby releasing all the personal details to make fraudulent transactions.
Which are the worst affected bank cards?
According to reports, cards issued by State Bank of India, HDFC Bank, ICICI Bank, YES Bank and Axis Bank are cited to be worst hit.
Banks however, have been alerting the customers now about the breach by asking them to change the security PIN or even replacing the cards. However, the Finance Ministry has already asked for a detailed report on the same.
Cyber Law Expert explains it all
Cyber Law Expert Prashant Mali explains the what, why and how of the security breach.