Meezan Bank has refunded at least ten customers affected by unauthorized debit card transactions, following reports of a potential Meezan Bank data breach linked to third-party data security vulnerabilities. The bank emphasized that its internal systems were not compromised, and the issue stemmed from customers sharing sensitive information on external websites and apps that bypassed One-Time Password (OTP) verification.
Unauthorized Transactions and Customer Refunds
Recent reports surfaced indicating that fraudulent online transactions, some involving Malaysian currency, were made using affected customers’ debit cards. Many of these unauthorized charges were traced back to platforms, including Facebook. Meezan Bank confirmed receiving fewer than ten complaints in the past week related to the incident, and all affected customers have been refunded as part of the bank’s standard operating procedures for dealing with data losses caused by insecure third-party platforms.
Rising Cybercrime and Government Response
This incident is part of a broader trend of increasing cybercrime in Pakistan. In response, the government has proposed amendments to the Prevention of Electronic Crimes Act (PECA) 2016 to address gaps in legislation surrounding online fraud and data breaches. However, experts have criticized the government’s inconsistent approach to tackling cybercrime, especially following recent decisions to weaken the Federal Investigation Agency’s (FIA) cybercrime unit. The creation of the National Cyber Crime & Investigation Authority (NCCIA) has also been met with uncertainty about its future effectiveness.
Meezan Bank’s Commitment to Secure Banking
Despite this unsettling event, Meezan Bank, which recently earned the title of Best Bank 2024, reassured its customers that its internal systems remain secure. The bank stressed that the incident underscores the growing risks associated with third-party platforms and the increasing need for stronger cybersecurity measures to safeguard consumer data.
The Meezan Bank data breach case serves as a reminder of the critical importance of securing online transactions and protecting personal information from potential cyber threats.
