The Bold Voice of J&K

Breach of trust

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Hit by an unprecedented ATM security breach, several public and private sector banks have recalled or blocked over 32 lakh debit cards to safeguard their customers from any financial fraud, while the government has sought from them details of all necessary safety measures. This is for the first time India has been hit by such a breach. While there were some reports about certain cards, affected by security breach, having been used fraudulently abroad including in China, bankers appeared putting the blame on a payment services provider that manages ATM network of a private sector bank. State-run SBI is said to have re-called around six lakh cards, while others like Bank of Baroda, IDBI Bank, Central Bank and Andhra Bank have also replaced debit cards of several customers as a pre-emptive measure. Among the private sector players, ICICI Bank, HDFC Bank and Yes Bank have asked customers to change their ATM PINs. HDFC Bank also advised its customers to use its own ATMs for carrying out any transaction. The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank. Hitachi provides payment services through ATM services, point of Sale (POS) services, emerging payments services and banking channel products like cash recycling ATMs and auto passbook entry machines. With everyday new methods are adopted by the fraudsters there needs to be a lot more vigilant so that any further breach does not take place in security.

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