Malawi’s pioneer digital bank, FDH Bank Limited has dispelled claims making rounds online that its customer data has been compromised by hackers.
“FDH Bank has the most robust security systems available worldwide and conduct regular vulnerability assessments of all its systems as any pro-active digital organisation is required to do,” stated the bank in a statement issued to provide clarity over the claims.
The bank insisted that it has not been hacked and customer data has not been compromised in any way.
To show how transparent the FDH Bank is in as far as its operations are concerned the bank has been candid with information regarding the intentions of those that came up with such malicious claims.
The bank revealed that it all started on 13 November 2019, when a group calling itself Shadow Kill contacted it through an anonymous email with claims that it had breached FDH security protocols.
“That email contained an extract of information the group claimed to have extracted from FDH Bank” said the FDH Bank through the statement which also indicated that the email had an attachment that only contained random computer commands, some staff email addresses and some mobile phone numbers.
The reason the criminal group was doing all this was in its warning that they will release such information to the general public unless the Bank pays millions of kwachas through 4 Bitcoins.
As a bank that believes in quality security measures in all its operations, it did not panic but immediately ‘noted that the information shared was historical and meaningless’.
Further observations were that the information that the purported group shared is likely to be information collected by a former disgruntled employee in a misguided attempt to smear the organization.
As part of its risk management practices, the Bank engaged the purported group not only to extract more information, but also set out a comprehensive assessment of FDH Bank systems.
It is at this point that it was established that this was all a ploy by the criminal minds behind the claims as they initially suspected.
“…No breach had occurred and indeed the information shared and random commands were meaningless,” the statement said and that immediately the engagement with the criminal group was terminated.
In the meantime, FDH Group is taking further action, it did not elaborate.
A digital financial expert said after FDH Bank had issued the statement that indeed as a digital bank FDH should expect to experience more of such rumours.
“The best that people or customers should do is never to believe anything circulating on social media,” the expert said.
The bank seems to be aware of such claims as in the statement it also said people should expect the Bank to be a target of malicious groups seeking easy money, fame and attention such as Shadow Kill, just as other groups have targeted organisations like Google, Facebook and Apple in recent times.
The expert has also encouraged the bank not to be shaken by such attacks while on the other hand ensuring that its security system is top-notch.
The bank has indeed showed that it is not perturbed by the statement as it has indicated in the statement that it will continue to develop exciting solutions for customers and regards customer funds and data security as key to its digital strategy.