RBI orders probe on reports of 13 lakh credit and debit card holders being in risk
By MYBRANDBOOK
The Reserve Bank of India (RBI) has swung into action to safeguard the interests of affected Indian customers, after reports surfaced of a debit and credit card details selling online. If reports are true, this would mean a massive risk of privacy of 13 lakh Indian credit and debit card users.
RBI in a notice has told banks that they should secure the customers' data by doing a preliminary analysis of the leaked card information online.
"On finding leaked data to be correct and genuine, disable and re-issue the credit and debit cards as per the bank's policy," said the RBI notice dated October 29.
Banks have also been directed to inform the government's CERT-In department, which is responsible for emergency response, regarding the steps taken by them.
Security researchers at Singapore-based Group-IB discovered that critical card details of 1.3 lakh Indians were being sold at a price of $100 per card on dark web. The value of the leaked database has been estimated by the group at $130 million (£100 million).
"We do not disclose the names of banks, but can tell that the database held the credit and debit card dumps related to the largest Indian banks," Group-IB said in a statement, adding that it had informed authorities about the breach.
There were about 51.7 million credit cards and 851.5 million debit cards in circulation as of August, RBI data shows.
"The (RBI's) Department of Banking Supervision has sent out this letter as whenever there are some incidents the RBI alerts the banks and sends them a cautionary note which is sent to all the scheduled commercial banks," said an industry official, requesting anonymity.
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