Do you know 3.2 million (32 lakhs) debit cards have been compromised in India? And, where State Bank of India, Axis Bank, HDFC, Yes Bank, and ICICI are the worst hits. Around 26 lakh of these cards are on Visa and Mastercard platform, while over 6 lakh are on the Rupay platform.
Over 6 lakhs debit cards have been blocked by SBI recently.
"We'd like to emphasize that SBI's systems have absolutely not been compromised and existing card holders are not at any risk and can continue to use their cards. SBI is in the process of issuing new cards at no cost to those card holders whose cards have been blocked. This is a cards industry incident (not only SBI)," a SBI spokesperson said.
According to The Hindu, the RBI has asked the banks to replace 17.5 lakh debit cards.
What Actually Happened?
The card network companies, Visa, MasterCard and Rupay, have received complaints from banks about unauthorized card usage from locations in China.
According to reports, the breach could have generated in Hitachi Payment Services which is one of the largest providers for Point of Sale services, ATM machines and mobile transactions in India. A malware in the Hitachi system could have compromised user data. It is said that the malware was active for about six weeks before getting detected.
What Action To Be Taken?
If you have received any message from your bank notifying to either change the PIN or get a new card from the bank, then follow the bank's instruction carefully.
To unblock your card, a simple PIN change is enough. However, it is advisable to get a new card instead. Compared to a chip-based EMV card, the current batch of cards use magnetic strips which is easier to access. But, the chip-based cards come with added layers of security. So, the RBI has asked all the banks to upgrade their debit cards to chip-based EMVs.
Here Is What You Should Do:
1. Go to your own bank's ATM machine and change the PIN.
2. If your card is blocked, ask for a new card.
3. Change your PIN every two-three months.
4. Never share your ATM PIN with anyone. Not even bank officials.
5. Your net banking details are equally important. Keep changing your net banking password.
6. Contact your bank if you notice any activity in your account that wasn't generated by you.
Security is the first priority in this digital world. Check your card today.