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New threat to payment processors

Beware banks and payment processors. Yet another notorious software threatens to put the system in peril much to the worry of the security firms. Sisa has already put the processors on alert after discovering the new hacking mechanism that can send the payment to an unmanned bank with the help of a dangerous server.

The country’s premier security firm has suggested the banks to reset their passwords for the employees with a safe access to them to help them avoid an impending mess in the mechanism.

The hackers are believed to have been inserting a harmful software code into the payment application system keeping in contact with the network a separate system to procure the payments with along with vital data. These data are required for the hackers to prepare duplicate cards for a transaction with an unspecified response.

The experts who are known for the cracking the 2016 debit card breach have observed that the instructions to the banks and payment processors will help them avoid a huge mess up in the entire mechanism. It is not mandatory for the Indian banks to make public the details of the data breach. These banks can’t be forced to appraise their customers of the breach. Only some indications are admissible at the discretions of the banks.

Two years back, the banks received a set of instructions from the Reserve Bank of India to consider global payment card industry data security standards (PCI-DSS). But ordinary passwords are still operating in some banks being used by the employees. That has forced the security firms to advise the industry to take up the issues with the top Security Standards.