Islamabad, Dec 19: Several individuals have reported unauthorized transactions on their Meezan Bank debit cards, raising concerns about a potential data breach.
However, Meezan Bank has clarified that no breach has occurred on their systems. In response to these reports, the bank stated that such incidents are likely due to customers sharing their card details on websites or apps that do not require OTP verification for payments, making the data vulnerable to hacking.
The bank emphasized that this issue is unrelated to their security measures.
Affected customers reported losing significant amounts of money, often in transactions made in Malaysian currency before being converted to PKR. Many of these purchases were linked to platforms like Facebook or other online sites.
Meezan Bank revealed that they received fewer than ten complaints about this issue in the past week and have refunded most of the affected customers.
The bank also confirmed that as part of their standard operating procedures (SOP), they reimburse losses caused by data breaches on external platforms that lack OTP verification.
