Hackers compromised the Cosmos Bank server and allegedly transferred over Rs 94 crore between August 11 and August 13. The Cosmos Bank is the oldest and second largest bank in India, it was established in 1906.
According to the bank statement, hackers propagated malware to one the ATM Switch servers and bypasses the online security measures to transfer the funds to foreign locations.
Attackers carried out the malicious transactions between August 11 to 13 via 25 ATMs that located in India, Canada, and Hong Kong.
In total hackers made 15,000 transactions to steal the payment, among them 12,000 transactions were carried outside of India in which the attackers steal Rs 78 crore and 2.5 within India through National Payments Corporation of India (NCPI) and VISA
On August 13, hackers carried out fraudulent swift transactions to transfer Rs 13.92 crore to a Hong-Kong based bank account. The SWIFT platform used by Financial institutions to secure communication and to transfer instruction via the standardized system of codes.
Bank’s head officer Suhas Gokhale filed a complaint with the Chatushrungi police on Monday night and the hack attack seems to be originated from Canada.
As a safety measure now the bank closed all of its server’s and the net banking services. Few months before Cyber criminal initiated three unauthorized transactions for about nearly $2 Million from City Union Bank.