Was Infosys sofware responsible for the losses of the UAE Bank?

Today’s Economic Times carried a story (See report) highlighting that the UAE Bank which was involved in the US $ 45 million global heist was using Finacle Software from Infosys.

The fraud was actually committed by the hacking of the system maintaining the credit card  customer data base where the upper limits associated with the card were jacked up significantly, clone cards created and used for withdrawal from ATMs.

It is not clear if Finacle software or any other software supplied by Infosys was at all involved in the issue. It is also not clear that the “unanamed Bangalore based credit card processor” indicated in the related New York Times article was in deed Infosys BPO itself or not. (See the earlier article for more details).

So far it is reported that Infosys has refused to comment.

Naavi

About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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2 Responses to Was Infosys sofware responsible for the losses of the UAE Bank?

  1. One of the credit card processing companies whose security was breached in a $45 million global cyber heist was India’s ElectraCard Services,(Pune based) according to two people familiar with the situation…Chicago Tribune: See here: http://www.chicagotribune.com/business/sns-rt-us-usa-crime-cybercrime-indiabre94a06p-20130511,0,6893741.story

  2. It is understood that ECS is PCI compliant .
    They also reportedly have the following awards
    – Deloitte Technology Fast 50
    – Red Herring Asia 100
    Mastercard is also reported to have a strategic investment in the company

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