Indian Bank Defrauded of almost USD2m in Cyber-Attack
City Union Bank in India stated February 18 that cyber-crooks managing to hack its servers had transmitted almost $2m via 3 illegitimate remittances to foreign lending institutions using SWIFT-name of a financial platform.
The not so big private lender revealed February 17 it was the discoverer of the 3 unauthorized remittances that had been dispatched through correspondent banks into the A/Cs within China, Turkey and Dubai. According to N. Kamakodi, chief executive, the operation was certain conspiracy involving many nation states, while added that an ongoing investigation by the lender was to find the mode of its occurrence. Uk.news.yahoo.com posted this, February 18, 2018.
City Union Bank, which's situated in Kumbakonam, released one statement, 18th February 2018, as comments following speculation by local media that staff initiated 3 illegitimate transactions. According to the statement, the bank encountered one assault by international cyber-crooks while little evidence exists about any involvement of internal employees.
The transactions occurred February 7 or prior to that date. At the time, the bank's reconciliation processes detected the 3 fraudulent transfer deals. The City Bank revelation follows a declaration by Punjab National Bank previously in the current week that one $1.7bn fraud had victimized it, albeit it's suspected there was involvement of bank staff in unauthorised loan transfers.
City Union stated February 17 it had managed stopping a particular remittance amounting $500,000 which was getting transferred via an account of Standard Chartered Bank (SCB) inside New York into one lender based in Dubai.
Another 300,000 Euro transfer had been routed via one account of SCB inside Frankfurt into one account in Turkey, albeit the transfer had been blocked from finalization.
The 3rd transfer of $1m had been transmitted via one account of Bank of America within New York into one bank in China that according to Kamakodi was Zhejiang Rural Credit Cooperation Union situated inside Hangzhou, China.
As accords to Kamakodi, the lender in a joint task with Indian officials was coordinating with impacted nations for an investigation into the incident. He added there was little clue of the breach to have happened internally in the bank.
» SPAMfighter News - 23-02-2018
We are happy to see you are reading our IT Security News.
We do believe, that the foundation for a good work environment starts with fast, secure and high performing computers. If you agree, then you should take a look at our Business Solutions to Spam Filter & Antivirus for even the latest version of Exchange Servers - your colleagues will appreciate it!