Meezan Bank customers have raised alarms over an increase in unauthorized transactions, with social media rife with complaints of debit and credit cards being charged without consent on various websites.
Meezan Bank Issues Advisory
In response, Meezan Bank released a customer advisory urging users to:
- Avoid untrusted websites.
- Refrain from using public Wi-Fi for banking transactions.
- Stay alert against phishing attempts.
The advisory acknowledged the circulating reports and highlighted the need for vigilance.
Victim’s Account Highlights the Issue
Nouman Younas, co-founder of AwamiWeb, shared an alarming incident:
“At 5:50 am on Wednesday, my friend noticed unauthorized transactions amounting to Rs1.4 million on his Meezan Bank debit card, charged in Malaysian currency through Facebook. He has never used his card for online transactions,” he stated. A fraud complaint was subsequently filed.
Expert Analysis of Cyberattacks
Dr. Affan A. Syed, a cybersecurity expert, cited two primary reasons for the surge in cyberattacks:
- Data Breaches: Unauthorized access to customer information.
- Phishing Scams: Customers being tricked into revealing personal details.
Dr. Syed emphasized Pakistan’s growing vulnerability to such scams, noting a similar issue faced by Allied Bank customers recently.
How Scammers Operate
- Exploitation of Trusted Websites: Scammers often exploit customer trust in international websites.
- Data Harvesting: Even minor details like phone numbers or email addresses can lead to breaches.
- Honey Traps: Users are lured through enticing links or emails, which grant scammers access to their data.
- OTP Fraud: Individuals are tricked into sharing one-time passwords.
Dr. Syed added that targeted attacks may occur if datasets related to specific banks are sold on the dark web or through internal system breaches.
Meezan Bank Denies Data Breach
Meezan Bank categorically denied rumors of a data breach, stating:
“Meezan Bank is PCI certified, and all its cards are EMV and 3DSecure compliant. Customers’ data remains secure, and there has been no security breach.”
Precautionary Measures for Customers
The bank advised customers to:
- Avoid using cards on suspicious websites.
- Refrain from using public Wi-Fi for transactions.
- Be cautious of phishing emails, messages, and calls asking for OTPs or card details.
- Immediately report lost or stolen cards to the bank.
Compensation for Affected Customers
Meezan Bank clarified that the recent disputed transactions were unsecured e-commerce activities. These are covered under international payment schemes’ chargeback mechanisms, ensuring full reimbursement to affected customers.
“We are taking all necessary steps to compensate such customers as soon as possible,” the bank assured.
