Pakistan becomes the victim of worst Cyber Attack on the country’s banking system. Bankislami witnesses the massive cyber attack. This is the third major cyber security breach in Pakistan, whereas, second largest to Pakistan Banking System. Just recently, Habib Bank Limited (HBL) and careem face down the severe security attacks.
BankIslami customers lose $6 million in this breach. The cyber attack was tinted on October 27 when BankIslami customers received messages about their payment cards used in different countries.
BankIslami Unit Head Corporate Affairs Muhammad Shoaib stated that certain abnormal transactions valuing Rs2.6 million in one of its international payment card schemes attempt on the morning of October 27, 2018. All the money withdrawn from the accounts is Rs2.6 million has been credited in the respective accounts of esteemed customers.
The bank’s squad restored its biometric ATM cash withdrawal services for its customers without delay in the country, but the international payment system reinstate yet.
State Bank of Pakistan for the time being “restricted use of its cards for “overseas transactions.” Though, the cardholders will be able to conduct transactions within Pakistan.
State bank of Pakistan has issued directives to all banks to make sure and have asked them to report in case of any abnormal activities. The first directive is Security measures on all IT systems.
The second one resources are deployed to ensure the 24/7 real-time monitoring of card operations and transactions. The last directive issued by the SBP is immediately coordinate with all the payment schemes switch operators and media service providers the banks are integrated with to identify any malicious activity of doubtful transactions.
Customers make sure some security measures at their end. The debit cardholders now need to be extra careful while doing the financial transactions. The ATM holders also need to change the passwords to avert from any financial fraud.