Debit Card Fraud News

The information security firm SISA is likely to submit its forensic audit report on the debit card data breach involving 19 banks, to the Reserve Bank of India on Monday ie. October 31.

Debit card fraudsters on Saturday sought to target a Member of Parliament even as Indian banks strive to tackle the scam that has led to almost 32 lakh debit cards being compromised across the country.

Amid reports of widespread debit card security breaches, a senior State Bank of India official on Saturday said the passwords were compromised in majority of cases.

As the probe over data breach widens, investigative agency and police claim the number of affected debit cards can be as high as 6.5 million

ICICI Bank, the country's largest private sector lender by domestic assets, has assured its customers that all is well with the bank's cyber security wall, and urged customers to continue using their ICICI Bank Debit Card for transactions at ATMs, Point of Sale (POS) terminals and on eCommerce websites without concern.

What appears to be the biggest ever debit card data fraud in the country affecting around 19 banks, government is trying to assuage the concerns of consumers.

While the banks, whose customer data was breached in September, have stepped up guard- taking preemptive measures for further theft from customers' accounts. However, you as a customer, should also know what the bank would do in case you face monetary loss as the bank's security is breached.

The Finance ministry on Thursday said debit cards are “completely safe” and there is no need to panic over the feared security breach that affected over 32 lakh cards.

Considering the rising number of debit card frauds, State Bank of India (SBI) has launched a facility under 'SBI Quick: SMS and Missed Call Banking' service whereby the customer can choose to activate or deactivate their cards using various platforms, like ATM, and Point of Sale (POS).