Egypt’s Premier Electronic Payment Network Fawry Faces Cybersecurity Threat

Fawry, Egypt’s leading electronic payment network, experienced a system crash on Thursday, prompting widespread advisories cautioning users to promptly remove bank account details from the app.

Initial reports from customers suggested unauthorized transactions, fueling speculation of a potential hack. Falcon Feed, a threat intelligence platform, corroborated these concerns, revealing that a cyberattack had compromised users’ data.

The Arab African International Bank confirmed the cyber attack on Fawry, highlighting the potential exposure of customers’ personal identification information (PII). Immediate measures were taken to block access, acknowledging the severe threat to customer data security.

The bank advised its employees to remove registered cards from Fawry and closely monitor transactions for potential issues in the ensuing weeks.

Contrary to these claims, Fawry released a formal statement denying any cyber breaches within Egypt. The statement emphasized the efficiency and security of Fawry’s electronic defenses across all platforms and services. However, many customers faced challenges accessing the website, encountering server error messages, and were unable to reach their accounts on the mobile application.

Fawry’s statement read, “The company denies any rumors some have spread on social media about being subject to an attack or breach of its information. The company immediately investigated its servers live, and based on the tests performed, it was determined that the servers serving customers and banks were not compromised. The company also assures that no financial or banking data of customers have been leaked and that it applies the highest cybersecurity standards according to the requirements of global regulatory bodies.”

A specialized cybersecurity site, Hackmanac, confirmed a ransomware attack by the LockBit 3.0 gang, rating the severity of the attacks on Fawry as 5 out of 5 on their scale. The gang has set a November 28 deadline for Fawry to meet its ransom demands before threatening to publish the acquired data on the dark web.

A source from Fawry hinted that all data is fully encrypted and secured, suggesting that the incident might be an attempt to disrupt server operations rather than a complete data breach.

As the situation unfolds, users are advised to remain vigilant, follow the guidance provided by Fawry and relevant authorities, and monitor their financial accounts closely. The cybersecurity landscape continues to evolve, underscoring the importance of robust digital defense measures for businesses and individuals alike.

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