The National Payments Corporation of India (NPCI) has announced that several banks’ UPI, IMPS, and other payment systems are temporarily offline due to a ransomware attack impacting C-Edge Technologies, a key service provider for various banks. This cyber incident has disrupted essential financial services, including Unified Payments Interface (UPI) and Immediate Payment Service (IMPS), crucial for daily transactions.
Ransomware Attack Details
According to NPCI, the ransomware attack has compromised some systems at C-Edge Technologies, which primarily serves cooperative and regional rural banks. To mitigate the broader impact on the payment ecosystem, NPCI has temporarily isolated C-Edge Technologies from its retail payment systems. As a result, customers of affected banks are currently unable to access UPI, IMPS, and other related payment services.
Impact on Affected Banks
C-Edge Technologies’ role in providing technology solutions to cooperative and regional rural banks means that this disruption affects a significant segment of the banking sector. The NPCI is working closely with C-Edge to restore services as quickly as possible. The restoration efforts are in progress, and a comprehensive security review is underway to prevent further issues.
Understanding Ransomware Attacks
A ransomware attack involves malicious software that encrypts a victim’s data or locks them out of their systems. The attackers then demand a ransom payment to restore access. This type of cyberattack poses a serious threat to financial institutions and can disrupt critical services like online payments and banking transactions.
Current Situation and Next Steps
NPCI has emphasized that the restoration of connectivity to the affected banks is a top priority. Customers are advised to stay informed through their banks and the NPCI for updates on service availability. The situation is being addressed on a priority basis to minimize the inconvenience caused to customers and ensure the security of payment systems.
What to Do if Your Bank Is Affected
If you are a customer of a bank affected by this ransomware attack, you might experience difficulties with UPI and IMPS transactions. It’s recommended to:
- Check for Updates: Stay updated through official communications from your bank or the NPCI.
- Use Alternative Payment Methods: Consider using other payment methods or visiting a branch for urgent transactions.
- Report Issues: Contact your bank’s customer support if you encounter any problems or have concerns about your account.
