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Cyber attack on Pakistan banking system: BankIslami suffered

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Pakistan has witnessed another cyber attack on its banking system it was reported yesterday.

Bank’s debit/credit card holders, ATM holders, and online users have to be extra cautious while maintaining their accounts, according to Express Tribune, customers at BankIslami have to be more vigilant while conducting their financial transactions, the State Bank of Pakistan directed.

The SBP has temporarily restricted the overseas transactions made through the cards in an immediate response to the security breach, the SBP informed on Sunday night.

Customers, however, can continue to make transactions within the country the central bank said in a statement.

The fresh cyber attack is the third major security breach in the country and second major on banking industry during the last 10 months, Careem app and Habib Bank Limited were the victims of such cyberattack earlier.

The officials involved in the cyber attack have avoided providing any details regarding the financial loss that may have occurred to ATM cardholders or the details about the banks faced attack.

If the bank deposits are insured, the bank and the accountholders both are safe but they have to go through the mental stress of this cyber attack and they have to go through a long process of proving financial fraud in order to recover the money they have lost.

Careem customers and captains personal data hacked

The SBP said in a statement, “Due to the security breach of cards from one of the banks in Pakistan yesterday, unauthorized payments via online, ATMs, POS (point of sale) were recorded in various countries, therefore the bank has temporarily restricted all overseas transactions.”

The SBP has directed the bank to take all precautionary measures after this cyber attack and fix the vulnerabilities as soon as possible. The affected back has also been directed to issue a warning to the customers and ask them to take the necessary precautions to prevent loss.

The central bank has also directed other banks in Pakistan to stay vigilant and ensure security measures of all payment cards in the country and monitor real-time transactions especially overseas.

The SBP has encouraged banks to report immediately if any unusual incident happens, Allied Bank Limited and JS bank have also restricted overseas payments as a result of this warning, the sources said.

Mark Goodman

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