Pakistani bank user’s data being sold in illegal marketplaces

Cyber breach in Pakistani Banking System are happening frequently or not, the ‘stolen’ payment cards data of banking clients again being put on sale at underground card shops, since the theft worth Rs2.6 million was reported on October 27.

Pakistani bank user’s data being sold in illegal marketplaces

The banking particulars of Pakistani citizens are seemingly being sold illegal in the hidden marketplaces. The payment, Atm cards of the Pakistani clientele is put on sale in subversive card shops. About 150,000 cards used for payment or money withdrawal purposes were put on sale during the last week alone.

The Federal Investigation Agency steps forward mentioning that it has arrested the criminals who originally had been stealing the card details from ATMs across the country.

Noman the CEO at SI Global Solutions played a leading role in the Islamabad Safe City project affirmed that “It would not be surprising if Pakistan’s (banking system) cyber thefts in the future.”

Pakistani users were found receiving text messages of unintended cash withdrawals from their accounts and acknowledged by streamline. The data was usually stolen either from ATM skimming or from the Point-of-sale machines at different businesses.

Most of the banking clients’ data, available on sale, was stolen through attaching skimming devices with ATM machines in different parts of the country.

The recent attack on the Pakistani banks has made it quite clear that there is a need for improvement in the security system of our banks. In order to make sure that you don’t become part of any such scam in the future, make sure to follow the best practices that have outlined for digital banking.

Pakistan needs to focus on the development of a national as well as an international cyber security strategy. Pakistan must establish its grip in cyberspace and devise its state policy, before the world further enhances its capabilities in this field.