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Cyber criminals attack India’s Cosmos Bank, transfers $14 mn

Cyber criminals have attacked Pune-based Cosmos Co-operative Bank and allegedly hacked the server of its main branch twice and transferred Rs 94 crore or $14 million to accounts in India and outside the country.
Cybersecurity for CSOsCosmos Bank, the second largest cooperative bank in India, has reported the matter to Police department in Maharashtra, saying that its servers were hacked on August 11 and August 13, Hindustan Times reported.

Cybercriminals carried out 15,000 transactions between 3pm and 10pm on August 11 and transferred Rs 80.5 crore to a foreign bank in 14,849 transactions of the debit card, and Rs 13.92 crore in a SWIFT transaction.

The stolen amount left a deposit trail in Hong Kong where an amount of Rs 78 crore was transferred. A transaction of Rs 2.5 crore was also done in India through National Payments Corporation of India (NPCI) and VISA.

The hackers attacked the bank at 11.30pm on Monday again, when at least Rs 13.92 crore was wired to the account of ALM Trading Limited at Hang Seng Bank in Hong Kong.

The malware attack was launched on the ATM switch server where the amount was moved to foreign locations. The hackers were able to get the amount approved by the bank to bypass the stringent online security measures. Criminals have stolen information of thousands of cardholders from the bank.

Chatshrungi Police station in-charge Dayanand Dhome said an investigation was on in the case.

Cosmos Bank, which was established in 1906, is one of the oldest urban co-operative banks in the country. It has five regional offices with 140 service outlets across seven states in the country.

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