Cyber Attack Reported on Pakistan based bank BankIslami

Recent Cyber Attacks 2018
  • On Saturday Pakistan based bank, BankIslami reported a cyber attack on their international payment card scheme.
  • According to the bank, the hackers stole an amount Rs 2.66 million from customer accounts.
  • International payment providers reported an amount of around $6 million stolen during the cyber attack.
  • The amount was cashed out via ATMs and POS in different countries.
  • State Bank of Pakistan has issued an alert to all bank to take necessary precautionary steps.s

BankIslami, a Pakistan based bank in Karachi has reported a cyber attack on their payment card scheme on Saturday.

According to the statement given by the bank to Pakistan Stock Exchange on October 27, 2018 morning they detected a suspicious activity on one of its international payment card scheme and hackers have stolen an amount Rs 2.66 million from customer accounts.

As soon it detected the bank took immediate precautionary steps and shut down the international payment scheme.

The bank also stated that all the money withdrawn from the customer accounts in cyberattack have credited back in the respective accounts.

But According to reports from international payment providers, the amount lost is estimated at around $6 million.

The bank refused to acknowledge the amount reported by international payment providers and said that Since they disconnected the link between the international payment switch the amount reported by international payment providers was neither processed by the bank’s system nor deducted from any customer account.

The amount was cashed out via ATMs and POS in different countries and the bank has restricted the use of its cards on overseas transactions.

The State Bank of Pakistan has issued an alert to all bank after the cyber attack and instructed to take the necessary steps to find the vulnerability and fix it.

“Further, SBP has also issued directives to all banks to foster arrangements to ensure the security of all payment cards in the country and monitor on real-time basis usage activity of their cards, especially overseas transactions. SBP will continue to assess these developments in coordination with banks and take further measures if required,” said in the statement published by SBP.

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