Fawry completes verification process, confirming security of operating systems and financial data

Ahram Online , Sunday 26 Nov 2023

Fawry, Egypt's leading e-payment company, announced the completion of a thorough cybersecurity verification process and infrastructure examination in response to reports of a hack, according to a statement by the company on Sunday.

Fawry POS machine. Company s website.
Fawry POS machine. Company s website.


Fawry said that it had engaged the services of Group-IB, a global cybersecurity firm based in Singapore, to assess its systems and validate claims of a ransomware attack.

According to Group-IB's report, Fawry's operational environment, which encompasses various applications utilized by the company's customers, including "My Fawry," banking applications, payment acceptance systems, Fawry Plus systems, and retailer systems, remained secure and unaffected by any hacking attempts.

The investigation concluded that no data had been compromised or leaked, as per the report.

Fawry, founded in 2008 and listed on the Egyptian Exchange (EGX), acknowledged that a specific segment of the application testing environment had experienced an attack, resulting in the encryption of certain files.

However, Fawry emphasized that these files had no impact on the safety and security of its financial transactions, except for the exposure of limited personal data such as names, addresses, dates of birth, and mobile phone numbers.

The e-payment company reassured its users that all active and test systems were currently free from any remnants or indications of the LockBit hacking incident.

Earlier in November, reports were circulated on social media regarding a potential cyberattack against Fawry. Some banks sent messages warning their clients who use their bank credentials on the e-payment company’s platforms.

Subsequently, Fawry denied these reports, stating that “none of its platforms or online services were subjected to cyberattacks.”

Fawry is Egypt’s largest e-payment company.

It was also the first banking agent in Egypt to obtain a license from the Central Bank of Egypt (CBE) to provide banking and financial services to individuals and companies, including account deposits and withdrawals, credit card payments, and more.

During the first nine months of 2023, Fawry grew to 51.2 million active users and a total payment volume of EGP 243.107 billion, representing a 70 percent year-on-year growth.

Egypt, in line with its commitment to expanding financial inclusion, has made significant strides in increasing the number of citizens with bank accounts.

As of June 2023, the number of individuals who owned banking accounts reached 44.6 million, which accounts for approximately 67.3 percent of the total population aged 16 and over, according to data released by the CBE.

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