December 2016 Current Affairs

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3.2 million debit cards of SBI, HDFC, ICICI, YES Bank & Axis Bank compromised

3.2 million debit cards of SBI, HDFC, ICICI, YES Bank & Axis Bank compromised
21 October 2016 Current Affairs: Banks in India will either replace or ask users to change the security codes of as many as 3.2 million debit cards in what's emerging as one of the biggest ever breaches of financial data in India, people aware of the matter said. Several victims have reported unauthorised usage from locations in China. 

Of the cards, 2.6 million are said to be on the Visa and Master-Card platform and 600,000 on the RuPay platform. The worst-hit of the card-issuing banks are State Bank of India, HDFC Bank, ICICI Bank, YES Bank and Axis Bank .

The breach is said to have originated in malware introduced in systems of Hitachi Payment Services, enabling fraudsters to steal information allowing them to steal funds. Hitachi, which provides ATM, point of sale (PoS) and other services .

A forensic audit has now been ordered by Payments Council of India on Indian bank servers and systems to detect the origin of frauds that might have hit customer accounts. NPCI Managing Director AP Hota .

HDFC Bank said it had already taken action in the matter a few weeks back. "Besides advising those customers who we know have used a non-HDFC Bank ATM in the recent past to change (their) ATM PIN, we are advising our customers to use only HDFC Bank ATMs as we believe security controls at some of the other bank ATMs may not be at par with HDFC Bank ATMs .

Banks had been receiving multiple complaints from customers about cards being used in China at various ATMs and point of sale terminals. They in turn alerted Visa and MasterCard. A forensic audit is being conducted by Bengaluru-based payment security specialist SISA. 

Some sources said the malware infection took about six weeks to detect, compromising transactions that took place during this period. As many as 3.2 million cards were used on the Hitachi network during this time. 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
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25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
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27 OCT
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26 OCT
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25 OCT
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24 OCT
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22 OCT
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September 2016 Current affairs
30 SEP
NEWS
29 SEP
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28 SEP
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27 SEP
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26 SEP
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24 SEP
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August 2016 Current affairs
31 AUG
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30 AUG
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29 AUG
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27 AUG
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26 AUG
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