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Hackers Steal US$6mil in Cross-Border Cyber Heist

A Pakistani bank known as Bank Islami has allegedly lost US$6 million during a cyber heist involving fraudulent debit card transactions originating from the US and Brazil. The bulk of the unauthorised transactions was traced to Point of Sale terminals as money mules made purchases for valuable items that could be encashed through resale. Bank Islami has shut down its international payment network to stop the abuses, which it claims has limited losses to an estimated US$19,500. Investigation is ongoing to determine why the bank did not capture the fake transactions in its system and if any customer credit card information have been leaked prior to the heist.

References:
[1] Material Information: Cyber Attack on Credit Card (PDF)
[2] SBP Issues Directives to Banks on Security Breach of Payment Cards (PDF)

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