New Delhi: A slew of banks in India will either replace or ask customer to change the security codes of millions of debit cards on fears of potential breaches.
The worst-hit of the card-issuing banks are State Bank of India, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank, says a report.
A top official of State Bank of India said that it has blocked 6.25 lakh debit cards as a precautionary measure and the bank is in the process of replacing them.
SBI had been informed by card network providers about a potential risk to some cards, and was replacing those cards as a precautionary measure, the top official said.
In a statement the lender said, “SBI has taken precautionary measures and have blocked cards of certain customers identified by the networks… existing card holders are not at any risk and can continue to use their cards.”
Yes Bank said in a statement on Thursday it had proactively undertaken a review of its ATMs and found no evidence of any breach.
There were 697.2 million debit cards in India as of end-July, according to data from the central bank.