October 31, 2019

Reserve Bank Of India Urges Indian Banks To Probe Alleged Data Leak Of 1.3 Million Debit Cards And Credit Cards

[ By Bobby Anthony ]


The Reserve Bank of India (RBI) has asked Indian banks to ensure their customers' debit and credit card data is secure as well as investigate recent reports that claim that data of 1.3 million accounts is available online, according to a recent RBI notice.

The RBI notice has directed banks to perform a preliminary analysis of the leaked card information online and if the information is found to be true, banks have been asked to either diable or re-issue new debit cards as well as credit cards in order to protect their customers’ interest.

Incidentally, independent security researchers at Singapore-based Group-IB had found that such card details were being sold at a price of USD 100 per card, as per recent reports. The value of the leaked database has been estimated by Group-IB to be around USD 130 million.

As per RBI data, there are about 51.7 million credit cards and 851.5 million debit cards in circulation as of August.

Banks have also been asked to inform the government’s CERT-In department, which is responsible for emergency response, regarding the steps taken by them.

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