Home Industry News FirstBank Cancels Debit Cards Amidst a Security Breach

FirstBank Cancels Debit Cards Amidst a Security Breach

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Source: Cyware | By Sidarth Trisal

• The external security incident has affected nearly 50 FirstBank account holders.
• The bank is canceling debit cards effective on May 13, 2019, in order to reduce the risk of improper access to bank accounts.

FirstBank suffered an external security incident which led to the compromise of its account holders’ bank accounts.

The bank is currently notifying the potentially affected customers about the incident.

Contents of the security notice
• In the notification, FirstBank said that they will be canceling debit cards effective on May 13, 2019, in order to reduce the risk of improper access to bank accounts.
• The security notice also advised its customers to stay vigilant for the next 12 to 24 months and notify the bank of any suspicious activity.

“Your deposit account has not been canceled or altered in any way; you will keep your account number and continue to enjoy the same benefits. If you have an additional debit card that has not been committed, you can continue using it. If you need a provisional card while receiving your new card you can visit any of our branches,” the security notice read.

What happened?
Alana Alexander, marketing and communications manager at FirstBank, revealed that the attackers did not breach the bank’s online systems, but the systems of the merchants throughout the territory where FirstBank account holders made transactions.

• She further revealed that the incident has affected nearly 50 FirstBank account holders.
• Alexander stated that the bank has conducted investigations on the incident and bank officials are specifically assigned to monitor the incident.

“I do know those merchants, but I’m not able to let you know who those merchants are,” Alana Alexander said.

“As a result and to mitigate the risk, we canceled the cards and are distributing new card,” she added.

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