Pakistan’s National Institutional Facilitation Technologies, the country’s sole automated Cheque Clearing House and Payment System Operator, has suffered a significant data breach. While NIFT initially claimed it thwarted an “attempted breach,” new information suggests hackers gained access to terabytes of sensitive data.

According to investigative reports, hackers downloaded a massive amount of data, including scans of all cheques processed by NIFT.  The breach reportedly compromised ePay source code and a trove of personal data, including merchant information, audit logs, and scanned passport documents.

Hackers claim NIFT failed to contact them to determine the extent of the data breach. They threaten to release the stolen ePay source code publicly.

NIFT disputes the claims, stating a forensic investigation suggests only “limited customer data of an operational nature” was compromised. They maintain they are taking steps to protect customers.

The State Bank of Pakistan, the country’s banking regulator, is investigating the incident. While NIFT’s operations are reportedly returning to normal, concerns remain about the platform’s security and the potential impact on customer privacy.

The incident highlights the need for stricter cyber security measures within Pakistan’s financial system. Experts recommend regular technical audits, cybersecurity training for personnel, and the development of more secure platforms to prevent future breaches.