In a recent turn of events, Fawry, Egypt’s leading electronic payment solutions and digital financial services company, is grappling with allegations of a significant security breach. The company, however, vehemently denies these claims and asserts the integrity of its electronic defenses.
Amidst rumors circulating on social media platforms suggesting a potential cyber attack on Fawry, the company took swift action by conducting live investigations on its servers. The results of these tests, according to Fawry, reveal that servers serving both customers and banks have not suffered any breaches. Additionally, Fawry assures its users that no financial or banking data of customers has been compromised.
In an official statement, Fawry emphasized its commitment to the highest cybersecurity standards, aligning with the requirements set by global regulatory authorities. The company seeks to quell concerns about the alleged breach, maintaining that the reports are unfounded.
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However, conflicting information has surfaced online, with some users claiming unauthorized charges on their accounts. A screenshot circulating on social media purports to be an internal memo from AAIB, suggesting that Fawry is undergoing a cyber attack and customer information may be exposed. The alleged perpetrator behind this breach is the LockBit 3.0 ransomware, with a ransom deadline set for November 28. The amount demanded remains undisclosed.
Fawry users are urged to take precautionary measures, with some social media posts advising the removal of credit card details from the Fawry app until the situation is resolved. Despite the company’s reassurances, these reports have caused a minor dip in Fawry’s stock price, slipping from 5.46 Egyptian pounds to 5.2 EGP — approximately a 4.75% decrease in Fawry’s stock price as at the time this report was filed.
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As the situation unfolds, Fawry For Banking Technology And Electronic Payment S.A.E, a company providing online payment, ATMs, mobile wallets, and retail points, faces increasing scrutiny over the alleged security breach. The company’s response and the evolving details of the cyber attack will be closely monitored to determine the full extent of the incident and its impact on Fawry and its users. We will continue to provide updates as more information becomes available.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard