Customers of United Bank Limited have recently been left in the dark about bank transfers, bill payments, and online purchases that were delivered to them without their knowledge or approval. Apparently, scores of customers of one of Pakistan’s largest banks have complained that they have lost money in the last few days due to a technical fault with the bank’s services.
We don’t know what caused these incidents, but it’s widely assumed that UBL data was compromised.
Debit card hacking, which is done by hijacking ATM machines, is another possible reason. When debit cards are entered into the machine, the information on them is replicated.
The card’s key pins are also taken using key loggers, and the cards are then utilised on the internet.
The bank’s employees informed the dissatisfied clients that services are experiencing problems and that the bank is working hard to resolve the problems.
Customers also stated that their cards had been temporarily disabled.
According to social media, UBL’s data was stolen, allowing these transactions to take place. These allegations, however, were not independently validated.
Many customers flocked to Twitter and other social media sites to express their dissatisfaction with the situation.
In the last two years, as the usage of digital banking has grown, data breaches have become increasingly common in Pakistan, despite the banking regulator and relevant ministry issuing a strong cybersecurity strategy.
In the last six months, data breaches have affected not just banks, but also numerous government organizations such as the Federal Board of Revenue (FBR) and the Ministry of Finance.
Public and private financial institutions should have a comprehensive strategy to secure their customers and systems from hacker attempts.
To read our blog on “Biggest security breach ever at Finance Ministry exposes state secrets,” click here.
