Banks rush to replace debit cards, protect customers on fears of security breach | business-news | Hindustan Times
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Banks rush to replace debit cards, protect customers on fears of security breach

A slew of banks in India will either replace or ask customer to change the security codes of debit cards on fears of potential breach of customer data.

business Updated: Oct 20, 2016 12:51 IST
ATM fraud
A slew of banks in India will either replace or ask customer to change the security codes of debit cards on fears of potential breach of customer data.kets with plastic money. (Representational image/Shutterstock)

A slew of banks in India will either replace or ask customer to change the security codes of debit cards on fears of potential breach of customer data.

The move comes a day after the country’s No. 1 lender State Bank of India said that it had blocked over six lakh debit cards.

The worst-hit of the card-issuing banks are State Bank of India, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank, suggest reports.

Yes Bank said in a statement on Thursday it had proactively undertaken a review of its ATMs and found no evidence of any breach.

SBI had on Wednesday said that it had been informed by card network providers about a potential risk to some cards, and was replacing those cards as a precautionary measure.

Other banks did not immediately respond to requests for comment.

There were 697.2 million debit cards in India as of end-July, according to data from the central bank.

Read| SBI blocks 6.25 lakh debit cards after ‘suspicious’ transactions spike