MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

1 Million Bank Card Details Up For Sale

1 Million Bank Card Details Up For Sale

About 1.3 million debit and credit card details have been put up on a Dark Net marketplace called Joker’s Stash. The details could have been gathered by stealing information from the magnetic strips on the cards used by bank users at ATMs or point of sale machines. The cards are being sold at 100 dollars each with the total value of the estimated card database at over 130 million.  

Ilya Sachkov, CEO and founder of Group-IB (a Singaporean firm that specialises in detection and prevention of cyber-attacks), said that the authorities concerned have been alerted. Group IB said that out of the 1.3 million cards, 98% of the cards are believed to be from India. 

Data Security Council India (DSCI) commented that India has largely failed its customers by not having data breach disclosure laws. In countries in Europe and North America, banks are ordered by the law to inform the bank customers of the breach within 24 hours. In India, the people affected by it often are the last people to know about their security being compromised.

Group-IB has not shared the names of the affected banks as of yet but they reported that more than 18 percent of the cards stolen were issued by a single Indian Bank. The diversity in the compromised banks suggests that it was not the case of a particular bank being hacked but a nation-wide security failure. A similar case has happened before in September 2016, when 3.2 million debit cards got compromised because of a problem at Hitachi Payment Systems. During that breach, ICICI Bank, SBI and others had their cards compromised and a lot of them were re-issued.

Customers took to twitter to point out that during the 2016 breach, they were not informed of it by the banks and found out from news reports that their cards have been compromised.

YOU MAY ALSO LIKE

Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

RECOMMENDED