Egyptian Fintech Firm Fawry Refutes Rumour of Cyberattack, Assures Customers of Data Safety
Egyptian fintech unicorn, Fawry, has refuted claims circulating the media that it was faced with a cyberattack incident that compromised customers’ data.
There were initial reports from customers indicating that random payments had been taken from their accounts, leading to speculation that the network was attacked.
Also, the Arab African International Bank confirmed that Fawry was under a cyber attack, with the personal identification information (PII) of customers potentially exposed.
The bank therefore urged its employees to remove any cards registered on Fawry from the system and closely monitor their transactions for potential issues in the coming weeks.
In the wake of these reports, Fawry immediately swung into action to conduct a full review of all its service offerings access its live platforms, with the results showing that all channels servicing its customers and banking partners have not been compromised, nor have there been breaches or leaks of clients personal or financial data.
The company therefore issued a formal statement notifying that there was no breach of data on its platform, assuring users of safety.
Fawry wrote,
“The company denies any rumors some have spread on social media about being subject to an attack or breach of its information system. 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.”
It is also worth noting that a source from Fawry disclosed that all data is fully encrypted and secured, hinting that the incident might be an attempt to merely disrupt the server operations rather than a full-scale data breach.
Fawry as a Fintech giant takes security extremely seriously. Through rigorous security checks, safe data storage, employee screenings, and compliance with every available regulation, the firm ensures the safety, stability, and reliability of its payment platform.
Notably, the Fintech unicorn is PCI-DSS compliant with the highest security standards and gets certified annually. It has built its system from the ground up and keeps developing and expanding it with strategic partners such as IBM, CISCO, and Oracle.
