Meezan Bank, Pakistan’s largest Islamic bank, has recently faced allegations of a data breach. However, the bank has firmly denied any compromise of its internal systems. Instead, it attributes the unauthorized transactions reported by customers to third-party platforms that bypass One-Time Password (OTP) verification.
Unauthorized Transactions and Customer Impact
Several customers reported unauthorized transactions on their debit cards, with some transactions even occurring in foreign currencies like Malaysian Ringgit. Meezan Bank received fewer than ten complaints over the past week and has promptly reimbursed all affected customers according to its standard operating procedures.
Meezan Bank’s Response
Meezan Bank has reassured customers that its systems remain secure and that the incidents are linked to customers sharing sensitive information on insecure websites or apps. The bank emphasized the importance of exercising caution when sharing personal and financial information online.
Broader Cybersecurity Concerns
This incident has highlighted the growing concerns surrounding cybersecurity in Pakistan. Experts have called for stronger cybersecurity measures and stricter policies on third-party data sharing to protect consumer data. The government has proposed amendments to the Prevention of Electronic Crimes Act (PECA) 2016 to address these challenges.
Meezan Bank’s Network and Recognition
Despite the recent concerns, Meezan Bank continues to be recognized for its robust network and services. The bank operates over 1,000 branches across Pakistan and has been awarded the title of “Best Bank of 2024” by the Institute of Bankers Pakistan.
Meezan Bank App
Meezan Bank also offers a range of digital services through its Meezan Digital Account Opening App, which allows customers to open accounts safely and securely. The app is part of the bank’s commitment to providing convenient and secure banking solutions.
Meezan Bank remains dedicated to maintaining secure banking systems and ensuring customer satisfaction. The recent incident serves as a reminder of the importance of vigilance in the digital age.
