The thought that your debit card information has been compromised and someone at a distant land is using it to make payments is horrifying enough. This would shatter your faith in the banking systems, contemporary facilities of ATMs, online platforms which have become the means of financial transactions in the modern world.
This nightmare just came to reality when State Bank of India (SBI) without any prior notice announced recalling of its six lakhs debit card because of a malware related security breach issue. The blocking of debit cards came out of the blue and many people were caught off guard while trying to make payments online and in stores. The entire episode was not limited to SBI alone and soon the media reported that customers of other banks were also affected by the security breach.
This working paper discusses the case of security breach in the Indian Banking system in 2016. Click on the link below to download the paper