32 lakh ATM cards hacked: Should you switch back to hard cash?

With one of the biggest debit card frauds in India coming to light, India Today's Devina Gupta lists out the dos and don'ts.

 |  1-minute read |   21-10-2016
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32 lakh ATM cards hacked: SBI advises customers to use SBI ATMs (India Today)

Following a cyber security breach in the country's banking system, India's largest bank, the State Bank of India (SBI), has advised customers to use its own automatic teller machines (ATMs) for safe transactions and is looking to replace within ten days around six lakh debit cards which were blocked by it as a preventive measure, a senior SBI official said on Friday.

"We have set an internal target of seven to ten days for issuing the new debit cards to the customers whose cards have been blocked," said SBI Chief General Manager (Kolkata Circle) Partha Pratim Sengupta.

"We advise our customers to use SBI ATMs only at the moment for safe transactions," he said.

The lender on Wednesday said card network companies NPCI, Mastercard and Visa had informed various banks about a potential risk to some cards owing to a data breach.

Read more here.

Also read: 32 lakh ATM cards hacked: Why can’t we have OTP-controlled withdrawals?

Writer

Devina Gupta Devina Gupta @devinaguptanews

The author is principal correspondent and news anchor, India Today

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