Cyber attack costs BankIslami Rs 2.6M

 

KARACHI: BankIslami came under cyber attack, costing Rs2.6 million from the international operations on Saturday but the bank said the amount was reverted back into the affected accounts.

“We were intimated through an advisory of international payment scheme and detected some abnormal activities on transactions through debit cards,” a top official of BankIslami, who didn’t want to be quoted, told Dawn.

Initially, reports in local media suggested that the bank had lost about $6m but officials said the amount stolen was in rupees.

“We have checked almost all transactions after shutdown of international payments and we are sure that Rs2.6m was the final figure that we lost,” said the official.

Since the link was disconnected between the international payment switch, the amount reported by International Payment Scheme via international transactions ($6.1m), was neither processed by bank’s system nor deducted from any customer account, said the bank.

It is believed that the International Payment Scheme has lost $6.1m globally.

“We are still not aware from which country or place the hackers launched the attack to steal the money,” said the official. Initially, it was reported in media that it was carried out from Brazil.

The banker said they are in consultations with the IT experts and are trying to identify weaknesses in the system.

Meanwhile, the State Bank directed banks to foster arrangements to ensure security of all payment cards across the country and monitor their activity – especially those involving overseas transactions.

“Immediately coordinate with all payment schemes, switch operators and media service providers the banks are integrated with to identify any malicious activity of suspicious transactions,” said the SBP.

BankIslami said that all domestic ATM cash withdrawal transactions using bank biometric services have been restored. “However, as a precautionary measure, all transactions routing through the international payment scheme have been stopped and will be restored once the bank is confident that all risks of unauthorised international transactions have been mitigated,” said a press release of Bank Islami issued on Monday.

News Source: Dawn News

Writer: Shahid Iqbal


News of the day

18 minutes Read 43 views

The Nest I/O Celebrates 5 years of Entrepreneurship...

January 25, 2020

Founded in January 2015, The Nest I/O has been a hub for local startups to flourish and…

View All
5 minutes Read 82 views

Round table with Kamran Bangash IT Ministry KPK

January 2, 2020

Industry Roundtable with Mr. Kamran Bangash (Special Assistant to CM KP for…

View All
11 minutes Read 75 views

Research finds data of 267 million Facebook users...

January 2, 2020

December 25, 2019 – Facebook finds itself in the midst of another data breach as researcher Bob Diachenko…

View All
7 minutes Read 84 views

Notices issued under petition challenging defamation sections in...

January 2, 2020

On December 4, 2019, the Islamabad High Court (IHC) heard a case challenging the criminal defamation sections (section…

View All
9 minutes Read 127 views

95% women journalists say online violence has an...

November 6, 2019

A report
launched by Media Matters for Democracy (MMfD) shows that all female
journalists within the country face some type…

View All

Latest Videos

1 minute Read 1,251 views

Saad Mahmood, The Technology Guy

March 13, 2018

Saad Mahmood is currently working at Microsoft.He is Microsoft Most Valuable Professional (MVP) and loves technology. Saad has…

View All
1 minute Read 1,183 views

Saad Mahmood’s Perspective About Women Empowerment !!

March 8, 2018

Saad Mahmood is currently working at Microsoft.He is Microsoft Most Valuable Professional (MVP) and loves technology. Saad has…

View All
Less than a minute Read 2,055 views

CEO VizRah, Mohammad Adeel Javed, talking about Vizrah...

August 20, 2017

We asked Adeel Javed about his initiative VizRah and how he aims to positively impact the society through…

View All
Less than a minute Read 2,671 views

Yellow Plate Restaurant introducing fast food with unique...

August 10, 2017

Our team visited Yellow plate restaurant at Shah Jamal market Lahore to tantalize our taste buds. The Owner…

View All
Less than a minute Read 1,968 views

Views of Khuram Bukhari (Co-Founder Ravvish) about Life,...

August 10, 2017

We conducted a written dialogue about life and success with Co-Founder Ravvish, Khuram Bukhari

View All