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Debit Card Data Theft: Banks block 32 lakh cards

Finance Ministry and RBI seek report of cyber attack as banks scurry to contain damages

Policy Pulse
Publish Date: Oct 21 2016 10:26AM | Updated Date: Oct 21 2016 10:28AM

Debit Card Data Theft: Banks block 32 lakh cards

After country’s biggest cyber attack, the central government and the Reserve Bank of India swung into action. As many as 32 lakh debit cards in India are found on the verge of compromised. 


To reassure account holders monetary safety, banks claims to block around 3.2 million debit cards. Their data were found to be at risk from fraudsters who'd stolen vital data that could allow them to siphon off funds.


Concerns are being raised as to why banks, which came to know of the problem six weeks ago, didn’t alert the authorities or act with greater urgency. 


RBI directed banks and seek report regarding India's biggest data theft. Banks to submit a report on the security breach at their ATMs, pending a forensic report that's expected by the end of the month.


The finance ministry has asked for a detailed report from RBI and National Payments Corporation of India (NPCI) about the debit card information breach. 


A banker said, "We need to furnish data on how many cards were compromised and the quantum of funds that was siphoned off. We have to submit the report to RBI."


Banks were tipped off to the threat as much as six weeks ago when customer complaints first came in about unauthorised transactions overseas.