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Cyber Attack On Bank Islami Through International Payment Scheme

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Banking sector has often been a target of cyber-attacks. In Pakistan, Bank Islami became the latest victim of cyber-attack once on October 27, 2018 illegal transactions valuing Rs 2.6 million were detected by the Bank on one of its international payment card scheme. The Bank on getting the alerts took extreme measures and shut down its international payment scheme. By now, however, after Cyber Attack On Bank Islami all amounts have been credited in the respective accounts. The bank has now advised its customers to take extra caution during financial transactions.

Considering the attacks, other banks have also started monitoring their transactions, especially the international transactions. SBP has also issued directives to all banks to ensure security of all payment cards in the country and monitor on real-time basis usage activity of their cards, especially overseas transactions.

Cyber Attack On Bank Islami

The Bank has denied the figures issued by the international payment provider, VISA which estimate that USD 6 million to USD 6.5 million were skimmed from the customers. The bank itself and the official sources have given the amount of Rs 2.6 million as being transferred illegally.

The latest Cyber Attack On Bank Islami is the third major cyber-attack in Pakistan as in last 10 months, which should be a source of concern for banking sector. For now, Pakistani banks need to get their act together and invest in more secure systems. The recent hack, once again, demonstrates that we simply cannot ignore the importance of securing our systems more.

In this age and time, one particularly the financial institutions is supposed to be on their toes, all the time, to ensure the protection of data as well as their customers’ trust.

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