Millions of Debit Cards ‘Compromised’ in India, Here is all you need to know about it
Indian Banks are taking all safety measures for debit cards security
Indian Banks are taking all safety measures for debit cards security:- After being informed about the potential risks to debit cards following a majority security breach at a payment services provider, which manages ATM network of a private sector bank , commercial banks have recalled millions of debit cards.
Banks are taking safety measures, and more than 3.2 million debit cards have been so far compromised. Notably the affected banks have asked their customers to change their security codes and they are even blocking and replacing debit cards.
As per reports, the breach is thought to have been caused by Malware on an ATM network. Many customers are complaining that large sums of money have been taken out from their accounts.
Interestingly, India banks have issued nearly 700 million debit cards.
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No Need to Panic
Security measures have been already taken so there is no reason for bank customers to panic. All the affected banks have been alerted by all card networks that a total card of 3.2 million could have been affected and could have been possibly compromised.
What all the customers can do?
Though banks have taken all the security measures but it’s our responsibility also to take all the preventive measures. One can change his or her ATM pin to avoid any kind of fraud. Apart from it, avoid withdrawing cash from different ATMS.
Government has also decided to investigate the incident, there is no big impact on the monetary aspect but reputation damage is large.
Also, Indians are already suspicious of electronic payments and usually we prefer to buy things on cash. So security breach of this scale in India could create a lot of negativity among the bank customers. Though there is nothing to worry now as already precautionary measures have been taken.
