Reuters logo
BRIEF-India's City Union Bank Says Mastercard Reported Improper Debit Card Transactions To Co
December 8, 2017 / 6:54 AM / in 6 days

BRIEF-India's City Union Bank Says Mastercard Reported Improper Debit Card Transactions To Co

Dec 8 (Reuters) - City Union Bank Ltd:

* SAYS MASTERCARD RECENTLY REPORTED TO CO CERTAIN SET OF IMPROPER DEBIT CARD TRANSACTIONS

* SAYS BANK HAD SHUTDOWN ENTIRE ATM/ECOM/POS NETWORK AND TOOK INTO MAINTAINENCE MODE FOR INVESTIGATION

* INITIAL ESTIMATE OF QUANTUM OF MONEY IN IMPROPER TRANSACTINS ACROSS ALL PAYMENT SETTLING PLATFORMS IS ABOUT 300 MLN-320 MLN RUPEES

* TRANSACTIONS ORIGINATED, WERE APPROVED OUTSIDE CUB NETWORK WITHOUT CORRESPONDING ENTRIES IN CUSTOMER ACCOUNTS IN CUB‘S CORE BANKING

* BANK HAS CYBER SECURITY INSURANCE COVER OF ABOUT 250 MLN RUPEES

* PROBES REVEALED SIMILAR IMPROPER TRANSACTIONS WERE ALSO FOUND THROUGH VISA, NPCI NETWORKS

* MAIN MODE OF WITHDRAWAL OF MONEY IS FROM ATMS FROM NOT JUST INDIA, BUT ABOUT 20 COUNTRIES

* SAYS BANK'S PAYMENT SYSTEMS ARE BACK TO NORMAL Source text - bit.ly/2A3zTit Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below