Pune bank duped of 94 crore in cyber attack

A Pune-based bank was duped of Rs 94 crore  in a cyber attack. It ex executed through a malware attack on the server and by cloning thousands of the bank’s debit cards in just two days. On 11 August, Rs 76 crore was fraudulently transferred from the bank while a day later on August 12, Rs 15 crore more were siphoned off. The money was allegedly transferred to bank accounts abroad.

After the fraud was detected, the Cosmos Bank has shut down its servers, online, mobile and ATM transactions. The bank has claimed that the hackers created a parallel switch to carry out the transactions. When the security enabled by the bank asked for approval for transfers, the hackers used to give the go-ahead by the parallel switch. Visa and Rupay cards of the cooperative bank were cloned to carry out the transactions.

The bank maintained that the core banking system (CBS) was not attacked and the malware attack was only through the switch, which is operative for payment gateways of Visa and Rupay debit cards. “None of the customers’ accounts were touched and it is the bank which has incurred the loss of this money,” a bank official said.

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