Technical Issue or Fraud? Hundreds of people lose money from their UBL accounts

Social media is flooded with complaints from United Bank Limited customers. Many have come forward to share messages from the bank detailing fund transfers, bill payments, asset movies, or online purchases without their knowledge or consent. Clueless UBL clients are looking for answers or explanations for this recent malicious activity. 

What’s happening?

According to sources, there are two trending speculations of why UBL customers are suspiciously losing money in the last couple of days:

  • The bank is facing a technical issue.

OR

  • The bank’s data got breached.

Netizens are majorly relying on the second explanation as the bank is offering no detailed clarifications on the matter. Sources are speculating that UBL customers have become victims to debit card hacking, which is done by hijacking ATMs. In such instances, information on debit cards is duplicated when inserted into the machine. Key pins of the card are also stolen through key loggers installed, and then these cards are used on the internet. However, any claims of the UBL data breach have not been confirmed nor denied by relevant authorities yet.

 

What explanation is UBL offering?

UBL Bank representatives recently took to Twitter to put all data breach rumors and speculations to bed:

 

However, it is pertinent to mention that the bank’s official statement doesnt address customer queries or concerns in detail. The bank has not shared a plan of action with clients too.

Customers Turn Towards Social Media

Troubled UBL clients have now taken their concerns to social media in hopes of pressurizing a response from the bank if the issue gets enough media attention. People have posted screenshots of emails and messages from the bank that detail malicious activity in their accounts.

Here’s what UBL clients are posting online:

 

History of Data Breaches

As more and more people are becoming dependent on digital banking, the issues of data breaches are rising in numbers. In the last two years, Pakistan has suffered many massive data breaches. Various departments, including the Federal Board of Revenue (FBR) and the Ministry of Finance, have also faced data breaches in the past six months.

It’s high time that the banking regulator and relevant ministry issue a strict policy on cybersecurity and revise the plan of action to be taken if such an event occurs. Financial institutions in the public and private sectors are advised to develop a comprehensive strategy to secure their customers and systems from hacker attempts.

What are your thoughts on this? Please share with us in the comment section below.

  • Me also lose 750k rupee.. Through net banking and ATM. I apply dispute form but no any update.. mere bahan k shadi k paisy the sub trasfer ho gai dosry acounts main or bank ab tak recover nhn kar saka. Sara data on k pass tha mera .. 😭


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