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BankIslami denies losing $6 million in country’s ‘biggest cyber-attack’

As cyber terrorism becomes a routine occurrence, governments around the world struggle to discover novel ways to fight back. Now, Pakistan has become the latest victim of one such incident.

On 27th October, 2018, the Karachi-based Bank Islami confirmed that it had suffered a security breach that resulted from an earlier theft of payment card information. The bank’s internal security system identified “abnormal transactions’ coming from Pakistani debit cards from outside the country’s borders allowing them to identify the breach. A few of their clients have also reported to received notifications stating that their accounts have been accessed from countries such as Russia, U.S., and Brazil.

The bank said it detected the attack on Saturday morning, October 27, when internal security system identified “abnormal transactions” coming from Pakistani debit cards outside the country’s borders.

According to statement Bank Islami posted on social media, bank officials said they immediately shut down the bank’s access to international payment networks. The bank claims that it returned all the funds that had been withdrawn from customers’ accounts, which it only estimated at around 2.6 million Pakistani rupees, or, roughly$19.500.

But the bank disputes figures from international card processors that attackers made off with $6 million. An Online expert has advised the ATM cardholder to change their passwords to prevent online financial frauds. The officials who are involved in disaster management and damage control measures following the cybersecurity attack are estimating the financial loss.

 

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