Financial Crime World

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Identity Theft in Banking Hits Pakistan: 19,000 Debit Cards Compromised

A massive cyber security breach has shaken up the Pakistani banking industry, with reports suggesting that almost all major banks have been affected.

The Scope of the Breach

According to the Federal Investigation Agency’s (FIA) cyber-crime chief, over 19,000 debit cards from 22 Pakistani banks have been stolen in the cyber theft. The compromised cards include details of thousands of customers across different banks, including Habib Bank Limited, Bank of Punjab, and Standard Chartered Bank Limited.

How Did the Breach Take Place?

The breach is believed to have occurred through card skimming devices installed at ATMs and Point of Sale (POS) machines. Hackers often use these devices to capture and store details from cards’ magnetic stripes or chips. The stolen data is then sold on the Dark Web for fraudulent transactions.

Which Banks Are Affected?

A total of 22 Pakistani banks have been affected, with the majority of compromised cards belonging to Habib Bank Limited, followed by the Bank of Punjab and Standard Chartered Bank Limited.

Timeline of Events

  • October 26: The first dump of compromised card details was released on the Dark Web, containing over 10,000 records.
  • October 28: Bank Islami issued a press release announcing that it had become the victim of a cybercrime attack.
  • October 31: A second dump of compromised card details was released on the Dark Web, containing approximately 11,000 cards from as many as 21 Pakistani banks.

What Next?

The FIA and other authorities are investigating the breach, while the State Bank of Pakistan (SBP) has issued security instructions to all banks. Customers are advised to check their accounts regularly and report any suspicious transactions.

In a statement, Summit Bank said it holds all customer accounts in complete safety and security, adding that it was vigilant in monitoring its online services and implementing effective security measures.

Experts Warn of Continued Threats

Cybersecurity experts warn that the breach could be just the tip of the iceberg, with thousands more customers at risk. They advise customers to be on their guard and ensure they check any ATM or POS machine before using them.

The incident highlights the need for banks and financial institutions to strengthen their security measures and protect customer data from cyber threats.