A number of major Indian banks are taking safety measures amid fears that the security of more than three point two million debit cards have been compromised.
Some of the affected banks have been asking their customers to change security codes. They are also blocking and replacing debit cards.
The breach is thought to have been caused by malware on an ATM network. Some customers are complaining that large sums of money have been taken from their accounts. Indian banks have issued nearly seven hundred million debit cards.
The National Payments Corporation of India, which controls all retail payments systems in India, confirmed in a statement that there was a possible compromise at one of the payment switch provider’s systems.
Already, Indians are suspicious of electronic payments and the country is largely a cash economy.
Most people use cash for most purchases whether it’s buying vegetables from the street vendor or buying gold jewelry in high end store.