State Bank of India (SBI) has dispatched over 6 lakh new debit cards following reports of the biggest-ever cyber security breach in the country’s banking system.
State Bank of India (SBI) has dispatched over 6 lakh new debit cards following reports of the biggest-ever cyber security breach in the country’s banking system. “A total of 95.5% of the blocked cards were dispatched by October 26. For the rest, we are trying to get their contact details because they failed to update their information with the respective branch,” Manju Agarwal, deputy MD, corporate strategy and new business, SBI, said, according to a report. Earlier, the bank officials have advised its customers not to use automated teller machines (ATMs) of other banks for the time being for safe transactions.
“Customers can also approach the branch to get their details updated and get a new card,” Agarwal added, according to a TOI report. The malware-related security breach was reportedly detected in the non-SBI ATM network, following which the country’s largest lender blocked around six lakh debit cards. According to NPCI,Rs 1.3 crore has been lost by Indian customers in this massive cyber security breach, putting as many as 3.25 million debit cards issued by various banks at risk.Data across cards are believed to have been stolen from ATMs of an Indian private sector bank that is serviced by Hitachi Payment Services.
The public sector lender had said card network companies NPCI, Mastercard and Visa had informed various lenders about a potential risk to some cards owing to a data breach. “Accordingly, SBI has taken precautionary measures and have blocked cards of certain customers identified by the networks. This has been a proactive measure to protect our customers from any potential fraud, once we came to know of some data breach outside our bank,” SBI had said in a statement, adding that it is in the process of issuing new cards at no cost.