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It is suspected that viruses were sneaked into ATMs and around 32 Lakh ATM-debit cards of customers are alleged to have been affected.
Yes, you read it correctly. And, this news is confirmed.
These debit cards are noted to have been used in ATMs that are speculated to have exposed the card, and PIN details to malware at the back-end.
Let's understand more about it.
News Source: The Economic Times
Banks including State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, and Yes Bank are the victim of this hardest breach.
The malware was reportedly introduced in the system of Hitachi Payment Services. The malware enabled fraudsters to steal information allowing them to steal funds.
Banks have received multiple complaints about cards being used in China at various ATM machines and point of sale terminals.
While the banks involved are taking measures to block affected cards and replace them, it is advised to all the customers to change their PINs.
The Bank has asked to block the international transactions that can be conducted without PIN. And also made users sure that it will re-issue around six lakh debit cards to consumers, which have been blocked following the malware-related safety breach.
SBI assured its customers that there has not been any breach on the ATM network of SBI
Some source said that the malware infection took about six weeks to detect, compromising transactions that take place during this period.
The incident has said to have enforced Reserve Bank of India to review its reporting framework and asked banks to inform the central bank immediately of any suspected fraud.
The case is being investigated by Banglore, India-based payment security specialist SISA.
Hopefully, it'll be able to get to the bottom of the line and help the banks avoid such attacks in the future.