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The big debit card breach

21-10-2016

Sparking a pre-Diwali panic among consumers, over three million debit cards of various banks are believed to be 'tainted' following a suspected security breach, even as investigations have begun into the reasons behind the security risk, officials said.The problem has hit mainly debit cards, and several banks, including the State Bank Of India (SBI), have already started blocking their customers' debit cards and re-issuing fresh ones to them free of cost.

An estimated 30,00,000-plus debit cards issued by various public or private banks are said to have been exposed to a potential risk of data breach. Barring assurances to the customers, most banks have not yet disclosed the numerical or geographical extent of debit cards that may have been compromised, and loss of data or money, if any, suffered by customers. Debit or credit cards are prone to security issues when unauthorized parties gain access to the confidential data embedded on them, even as it is being swiped in an automatic teller machine (ATM). Debit or credit cards are prone to security issues when unauthorized parties gain access to the confidential data embedded on them, even as it is being swiped in an automatic teller machine (ATM).

Firstpost (Read more here: 3 million-plus debit cards 'tainted')

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