E-Payment Solutions Provider Fawry Denies Reports Of Cyberattack

November 9, 2023


Fawry, a prominent e-payment solutions provider in Egypt, refuted reports suggesting that any of its platforms or online services had been subjected to cyber attacks, according to a bourse filing on Thursday.

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

Fawry’s shares plunged by over 4% on the Egyptian stock market Thursday following the news.

Cyber attack reports

As Fawry partners with almost all government and public bodies, the payment solutions provider has become an essential player in the local market for individuals, companies, and institutions to use for their daily and monthly transactions.

On October 9, reports 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.

The reports claimed that an attacker had demanded a ransom, threatening to publish all clients’ data on November 28 if the payment was not made. Fawry denied the occurrence of such an incident.

“The company immediately investigated its servers and live broadcast. Based on the tests conducted by the company, it has been found that the servers serving customers and banks have not been subjected to any breaches,” the bourse filing noted. “Fawry confirms the efficiency and security of its electronic defenses across all its platforms and all the services it provides electronically,” it added.

It also asserted that no financial or banking data of customers has been leaked. Furthermore, the company asserts that it adheres to the highest standards of cybersecurity by the requirements of global regulatory authorities.

A cybersecurity official at the Central Bank of Egypt (CBE) told Business Monthly that the matter is under investigation at the bank and the results will be announced soon.

According to the official, who preferred to be unnamed, the matter is just rumors, so far, and the clients can remove their credit/debit cards registered on Fawry’s system as a cautious action till the investigation’s result is announced.

Total transactions

According to the latest data released by the company, transactions on Fawry’s platforms totaled EGP 147.7 million in the first half of 2023, involving 748.6 transactions during this period.