Hackers continue to target the financial ecosystem at every opportune moment Unfortunately for consumers, banks do not have the best of reputations when it comes to keeping information safe. That situation is even more apparent in Pakistan, where all major domestic banks have suffered from a massive cyberattack.

Pakistani banks don’t make major headlines all that often. When they do, however, it is usually not for a positive reason. This time is no different, as criminals successfully executed a major cyberattack. Nearly all banks in Pakistan were affected by this attack, which is plenty of reason for concern.

A Black Day for Pakistani Finance

It would appear the hackers mainly intended to obtain payment card information from bank customers. Considering how most of Pakistan’s major banks fell victim to the same method of attack, the total damage is difficult to predict. There is a good chance all of these banks have the same security flaws which could be exploited by criminals in the process.

This breach only became apparent after a growing number of Pakistani credit card details were being dumped across the numerous carder forums. Carding is, despite best efforts by payment card issuers, still a very lucrative business. This is especially true when it comes to purchases associated with games, especially on mobile devices.

For the time being, it remains a bit unclear how bad things have become. Six major banks suspended all card usage outside of Pakistan until further notice. Damage control is the only course of action right now. Several people have also been arrested, according to local sources. Even so, the banks are to blame for this incident as they could easily be taken advantage of by the criminals.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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