1.5 lakh debit cards available in illegal market
By MYBRANDBOOK
In an ever shocking incident in Pakistan there is a massive cyber security breach have shaken up the local banking industry, with the Federal Investigation Agency’s (FIA) cyber-crime chief saying "almost all major Pakistani banks" have been affected. Over 150,000 compromised payment cards, mostly belonging to leading banks in Pakistan, were put on sale this week.
Cyber security experts sas, debit cards from 22 Pakistani banks have been stolen in the cyber theft, the biggest of its kind to hit the country's banking system and the ‘stolen’ payment cards data of banking clients is time and again being put on sale at underground card shops, since the theft worth Rs2.6 million was reported on October 27.
It would not be surprising if Pakistan’s (banking system) reports mega cyber thefts in the future. Generally, they do not upgrade the technology by given timelines and it is fact that they are still using 20-year-old technology in many cases.
The Federal Investigation Agency (FIA)’s cybersecurity wing has claimed that it has caught the culprits involved in stealing data from ATM machines. The State Bank of Pakistan (SBP) and majority of the banks operating in Pakistan have, however, categorically denied any fresh cyberattacks since BankIslami Pakistan reported online breach of system in which it lost Rs2.6 million on October 27.
Most of the banking clients’ data, available on sale, was stolen through attaching skimming devices with ATM machines in different parts of the country, ICT experts said.He urged upon the federal government to become self-reliance in the field of technology research and development as it spends billions of rupees annually on imports.
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