Egyptian e-payment giant Fawry denies reports of cyberattack

Ahram Online , Thursday 9 Nov 2023

Egypt's major e-payment company, Fawry, denied that any of its platforms or online services had been subjected to cyber attacks, according to a bourse filing on Thursday.

An ad of Fawry s app. Official website.
An ad of Fawry s app. Official website.

 

Fawry said it checked the servers for clients and banks and found no trace of the alleged attacks nor any leakage of data.

The company affirmed it uses the highest cybersecurity measures according to international standards.

Earlier today, 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.

Cyberthreat monitor platform HackManac claimed that Fawry had been subjected to a ransomware attack and that the attackers set 28 November as the deadline for the ransom. Fawry's websites and applications seem to be out of service as of writing this story. 

A cybersecurity official from the Central Bank of Egypt (CBE) confirmed that, as of now, there have been no identified threats to Fawry's online platforms. An investigation was initiated last night to examine this matter further.

The official emphasised that the findings of the investigation will be disclosed at a later time. As a precautionary measure, customers are advised to temporarily suspend their accounts on the Fawry application until the investigation is concluded.

Ransomware is malware that threatens to publish the victim's personal data or permanently block their access to it unless a ransom is paid. 

Fawry stock dropped nearly 4.6 percent at the Egyptian Exchange (EGX) on Thursday, closing at EGP 5.18.

The e-payment giant offers more than 1,186 financial services to consumers and businesses through more than 225 thousand locations. The services provided include, among others, easy payment of bills, which could either be paid online or by using ATMs, mobile wallets, or retail points.

Over 29.3 million customers use the platform in Egypt, and more than 3.06 million operations are processed daily on Fawry's network. 

Founded in 2008, Fawry is the largest e-payment platform in Egypt that serves the banked and unbanked population. The Egyptian government owns nearly 17.8 percent of Fawry through multiple entities, whereas Alpha Oryx -- a subsidiary of Abu Dhabi Developmental Holding Company (ADQ) -- owns 12.23 percent.

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