iPay88 Reveals Cybersecurity Breach, May Have Compromised User Card Data

Alex Cheong Pui Yin

12th August 2022 - 2 min read

Online payment gateway iPay88 has revealed that it experienced a cybersecurity breach in May 2022, which in turn, may have caused customers’ card data to be compromised.

In a statement, iPay88 explained that it immediately initiated an investigation on 31 May 2022 after discovering the breach, with the assistance of cybersecurity experts. “The containment process was successfully completed, and no further suspicious activity has been detected since 20 July 2022. To ensure the continued safety of the card data, we have implemented various new measures and controls to strengthen the system’s security against any further incidents,” it further shared.

Additionally, the company said that the investigation is currently still ongoing, and that iPay88 has been working closely with the authorities and other relevant parties. It has also informed all financial institution partners regarding the matter, and promised to share more updates and detailed findings in due course as it continues to monitor the situation closely.

iPay88 did not offer any explanation as to why it only disclosed this breach two months after its occurrence. Regrettably, it also left out key information, such as how many customers and merchants may have been affected – which is worrying, given that iPay88 is one of Malaysia’s biggest payment gateway platforms.

To note, iPay88’s services are employed in the online banking services provided by most local banks. E-wallets, credit card payment service providers (such as Visa, Mastercard, American Express, and UnionPay), as well as foreign online payment services (such as PayPal and G Pay) also tap into iPay88’s expertise. Moreover, it provides point-of-sales solutions for many merchants across the country.

Naturally, we urge everyone to remain on alert, especially if you are aware that you have recently conducted transactions via iPay88’s payment gateway. In the event of any unauthorised transactions, do immediately reach out to your banks or other relevant authorities for further assistance.

(Sources: iPay88, Lowyat.NET)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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