“The Step is taken to to avoid fraud”, banker
Karachi, February 23, 2019: Pakistan banks are forcing their customers to change their Personal Identification Numbers (PINs) on Automated Teller Machine (ATM) in 6 months to avoid fraud.
Sources told thebizupdate.com that in order to protect the customers’ data and avoid skimming of payment cards data, Pakistani banks are taking precautionary measures and introducing new rules to protect the customers’ money.
They said the rising threats of card data skimming has forced the some banks to make it necessary that customers should change their payment cards’ passwords after few months.
Initially Pakistan’s first and leading Islamic Bank- Meezan Bank Limited (MBL) has made some changes in their system and now all customers of Meezan Bank will be required to change their PINs on ATMS in six months.
A number of Pakistani banks have already blocked debt and credit cards for overseas transactions and now they customers are required to request for overseas transaction, while traveling aboard.
The bank management has also rejected the reports that Meezan Bank’s card data has been stolen and on sale on dark web. “We are aware of these rumors going around. All our security measures are in place and we have not experienced any unusual event”, a high official said.
He informed that management has also taken the some steps to safeguard data and customers’ interest and money.
Now, customers are forced to change their PINs on ATM machine if they haven’t changed them in 6 months. In addition, all Meezan ATMs are Chip Card enabled which protects against any skimming.
Furthermore, Meezan Bank has introduced a unique and innovative Skim Guard service that protects high value transactions through real time OTP verification on ATM machine.
“We have various steps in place to ensure the safety and security of our customers and their data, therefore now it is more difficult data skimming”, he added.
However, he said that they are unable to verify the authenticity of the rumours at this point but he confirmed that Meezan Bank’s customers cards data and they money is safe.
It may be mentioned here that there some rumors that Pakistani banks’ payment cards data worth approximately $3.5 million is on sale at a secretive online hub of stolen card data.
If confirmed, this will be second big infringement on the vulnerable banking system in six months as earlier card data of Bank Islami was stolen in last week of October 2018.
International cyber hackers stole about some Rs 22 million from the Pakistan’s BankIslami Limited customers’ accounts through simultaneous withdrawal over the weekend ending October 28, 2018.