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Finance Minister seeks info on breach

AGE CORRESPONDENT
Published : Oct 22, 2016, 12:20 am IST
Updated : Oct 22, 2016, 12:20 am IST

The Centre on Friday asked banks and RBI to submit report on the nature of security breach on the debit card fraud in which over 32.5 lakh cards in the country were compromised and sought details abo

The Centre on Friday asked banks and RBI to submit report on the nature of security breach on the debit card fraud in which over 32.5 lakh cards in the country were compromised and sought details about preparedness to deal with cyber crimes.

There is a fear that this breach could threaten the Narendra Modi government’s campaign to make India a cashless economy as people may become reluctant to use debit and credit cards and internet banking to do transactions after this serious security breach.

An international firm Payment Card Industry Security Standard Council is reported to be conducting a forensic audit of the security breach and it is likely to submit a report by month end. An initial report has already been submitted to the government which is under examination.

“I have sought a report in the debit card issue. The idea is to contain the damage,”said finance minister Arun Jaitley.

Meanwhile, With over 32 lakh debit cards compromised, the Cyber Crime Cell of Maharashtra Police has written to several banks seeking information on fraudulent withdrawals on Friday.

Location: India, Delhi, New Delhi