financemagnates.com
iPay88, one of the largest payments firms in Malaysia, today released a statement regarding the cyber security breach the company first discovered on May 21st.
The Kuala Lumpur-based company providing payment gateway services to banks and merchants described the data breach as "a sophisticated intrusion by an unidentified party."
No thanks to that blardy ipay88 fiasco my main credit card has logged an unauthorised transaction of US$1 from some dodgy website. I have to block my card already. Here begins the process of unhitching my autodebit from tens of companies. damn painful
— henry #TeamNoPardon 🇲🇾👨🏻💻📱⌚️ 🏴 (@hewyk) August 12, 2022
With an apology "to the Malaysian public, our business partners, and merchants" iPay88 said that, as of July 20th, no nefarious activity or intrusions had been detected and since that date "all transactions through iPay88 have been fully secured."
iPay88 clarified in the statement that the cyber hack "specifically targeted card data from online transactions. There was no impact on transactions made through the Android terminals, e-wallet QR payments, online banking, BNPL, vending machines, Point of Sale (POS), and batch card payment.
The company which was founded in 2000 and acquired by NTT Data, a Japanese system integration company, in 2015, currently enjoys a 50% market share of all online transactions in Malaysia, processing 30 million transactions a month, with a gross transaction value of RM2.5 billion.
Cyber Security Hacks in the Payments Industry Continue
The cyber hack of iPay88 is the latest in a long line of hacks targeting payments companies. Earlier this summer, Wiseasy, a digital payments technology provider suffered a hack that saw 140,000 Wiseasy payment terminals around the world accessed by hackers.
Millions of users were also affected when Razorpay, the online payments solutions provider in India, confirmed that its security had been breached in May this year.