Meezan Bank has compensated at least ten victims of unauthorized debit card transactions following allegations of a potential third-party data breach, according to a report. The bank clarified that its systems remain uncompromised, attributing the issue to customers sharing data on websites or apps that bypass OTP verification.
Reports emerged online transactions, including those in Malaysian currency, being conducted on customers’ debit cards, with many linked to platforms like Facebook. Meezan Bank stated that fewer than ten complaints were received over the past week, and all affected customers have been refunded as per the bank’s standard operating procedures for data losses tied to insecure external platforms.
This incident highlights a broader issue of rising cybercrime in Pakistan. The government has proposed amendments to the Prevention of Electronic Crimes Act (PECA) 2016 to address gaps in laws governing online fraud and data breaches.Â
Despite these efforts, experts remain critical of the government’s inconsistent approach to combating cybercrimes, as recent decisions have weakened the Federal Investigation Agency’s (FIA) cybercrime wing, with the creattion of National Cyber Crime & Investigation Authority (NCCIA), whose futture is currently in ‘limbo’.
Meezan Bank, which recently won the title of Best Bank 2024, reassured customers of its commitment to secure banking. However, the event sheds light on vulnerabilities in third-party systems and the growing need for robust cybersecurity measures to protect consumer data.
