Another bank decided to reissue the debit cards where it believes data has been compromised on the physical card,” said Sivarama Krishnan, cybersecurity leader, PwC. The country’s largest lender State Bank of India (SBI) is reissuing over 600,000 debit cards. It said in a statement card network companies such as NPCI, Mastercard and Visa had informed banks in India about a potential risk to some cards due to data security breach. If you don’t inform the bank about the loss or theft, the bank cannot be held liable. “If there is mass data security breach, there is not much customers can do,” said Amit Jaju, executive director—fraud investigation and dispute services, EY.

Source: Mint October 23, 2016 18:22 UTC