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SBI Blocks More Than 6L Debit Cards due to Security Breach

As per SBI, in one of biggest card substitutions in the Indian Banking, around 600000 debit cards re-issue will be done to the customers whose cards are blocked because of the malware-related breach of security in non-State Bank of India ATM network.

Shiv Kumar Bhasin, Chief Technology Officer of the bank, said: "It's a security breach, but not in our banks' systems. Many other banks also have this breach right now". Bhasin said that customers using only the SBI ATMs are not affected. Customers of SBI are advised to use online option of "re-carding" or get in touch with the bank officials. Scroll.in posted on October 17th, 2016, that Bhasin said the customers can also use the internet banking for setting their PIN (Personal Identification Number).

After many ATM frauds cases where PIN of customers were hacked and the fraudsters have stolen the money, some banks issued the text messages whereas a few others sent emails to change the ATM PIN or sent fresh ATM pins to its customers. Fraudsters obtained specifics of the bank customers, and then withdrawn the money by use of forged ATM cards.

As per RBI website, active SBI debit cards on July 2016 was 20.27 crore; whereas associate banks of SBI had 4.75 crore debit cards that were active as per ToI report. SBI has blocked around 0.25% of the debit cards due to the malware.

Customers of SBI are not lone victims, as several private and foreign banks earlier have been ATM scam victims. The bank allegedly blocked debit cards for avoiding the misuse.

SBI had taken these precautionary measures in reply to the advisory message of the card network companies - Visa, NPCI, and Master Card, wherein different banks of India are informed regarding a possible risk to few cards because of the data breach.

All the banks are told by RBI to upgrade its debit cards into chip-based EMV cards, as it contain extra security layers. The bank servers do not validate the information in chip-based card unless accurate PIN was used, while magnetic strip information was easily accessible.

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