SBP Orders Banks to Use New Technologies After Recent ATM Hacking Scandal

Hundreds of bank accounts were hacked recently through ATM skimming and around Rs 10 million rupees were stolen through various illegal transactions. Stake Bank of Pakistan (SBP), taking countermeasures, has directed all banks to develop and execute a foolproof security system to prevent any future infringement.

SBP issued a set of regulations to secure payments and transactions through cards and internet banking. SBP told all banks to develop a system through which risk assessment is done and actions and controls are monitored.

Read More: Hackers Steal Millions in ATM Card Skimming in Major Cities in Pakistan

SBP’s Regulations

SBP released a statement in which it clarified that cards with magnetic strip are specifically prone to hacking. Data is stored in the magnetic strip which makes skimming easier. Statement read that debit cards following Europay MasterCard Visa (EMV) standards are considered more secure than conventional debit cards. The data is stored on integrated circuits in EMV cards as well as magnetic strip which makes skimming harder.

The EMV cards feature a chip and two-factor authentication which makes transactions through ATM machines secure. EMV standards have turned out to be the most effective countermeasures followed around the world to combat skimming and unauthorized transactions.

SBP further referred to its PSD 05 (2016) regulations according to which banks will be required to develop an EMV supported infrastructure and issue secure cards by 30th June 2018.

Read More: How Your ATM Cards are Hacked in Pakistan & How to Stay Safe [Guide]

Recently, numerous HBL accounts were hacked where Rs 10 million were stolen. HBL has started to return the stolen money to the affected accounts. Furthermore, HBL said that all machines that were found bugged, have been secured, and that damaged ATM cards will be replaced.

      • EMV Chips Is Much Better Than Pakistan 2 Number Chips :
        EMV Using WorldWide Srif Pakistan Main He ATM Hacking Asani Se Hoti hai
        Pure World Main ATM Hack Nahi Hota BANK Account Hack Hota hai

    • Bhai Humay Bhi Chahyeh :
      Ab Sare Mezeen Bank Main Account Nahi Khulwa Sakte hai :
      Jis Jis K Pas ATM Hai SBP Ko Chahyeh K Wo Blocked Kare
      Aur New ATM Card With EMV Based Provide Kare
      Aise to Bank Wale Kuch Nahi Karenge

          • when its become mandatory by SBP then this is possible, no body wants to invest and compromise their profits.

        • It’s better to adopt that technology rather than sitting and watching your money being stolen ?

          • bhai first of all, the atm victims money was withdrawn from china that means victims was using visa, master or union pay card, people must have to realize that these international payment cards posses some risks so better is they use 1link or mnet enable card in pakistan, and for visa and master card they keep to use while international travelling or for online use, similarly, bank offering visa and mastercard cards must activate overseas transaction if customer calls their call center.

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