Why Bitcoin Is Better Than Banks: Major Credit Card Breach Exposes 60M Accounts

Sberbank, the largest bank in Russia with a regional and global presence, has suffered a major data breach. Personal information belonging to millions of clients is now being sold on the black market. Initial analyses suggest the trove of data for sale is real, highlighting the risks associated with traditional banking.

Also read: Turkish Government Freezes Over 3 Million Bank Accounts

Personal Information Put Up for Sale

The leak at Sberbank, a leading financial services provider with offices in 21 countries including other CIS members, the U.S., U.K., Central and Eastern Europe, may be the largest to date in the history of the Russian banking sector. The blow against its reputation comes after the industry experienced a similar attack earlier this year in which three other Russian banks were targeted.

The unknown new owners of the database, containing details for 60 million credit cards, are now selling the information online. An ad appeared this past…