Hackers+steal+money+from+India%E2%80%99s+City+Union+Bank
Tuesday, 20 February 2018 - 10:47
Hackers steal money from India’s City Union Bank
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Hackers who had stolen nearly $ 2 million from India’s City Union Bank early this month had used tactics similar to those employed in the unsolved cyber-heist of $ 81 million from Bangladesh’s Central Bank in 2016.
 
The unknown hackers had disabled the City printer connected to global payments platform SWIFT on 6th of February, preventing the bank from receiving acknowledgement messages for three fraudulent payment instruction sent that evening until the next morning.
 
“Nobody suspected that it was an attack and thought it was a systemic network failure,” City’s CEO N. Kamakodi has told Reuters.
 
“The system department people, everybody assembled, analyzed the problem, rebooted, they closed shop only around 10-10.30 in the night.

The next morning, bank officials managed to reconcile the previous day’s transactions and found out “three transactions which were not originated from our bank”.
 
The bank had been able to block only one of the transfers worth $500,000, while attempts were underway to retrieve the rest, he said.
 
It first disclosed the heist on Saturday.
 
The City Union Bank said it discovered three "fraudulent remittances", which were sent via correspondent banks to accounts in Dubai, Turkey and China.
 
The disclosure comes close on the heels of Punjab National Bank last week reporting being hit by a $1.77 billion fraud, raising concerns about the impact on the banking sector.
 
In the case of Bangladesh Bank, hackers infected the system with malware that disabled the SWIFT printer. Bank officials in Dhaka initially assumed there was simply a printer problem.
 
The hackers stole the money from Bangladesh Bank’s account at the Federal Reserve Bank of New York using fraudulent orders on SWIFT.
 
The money was sent to accounts at Manila-based Rizal Commercial Banking Corp and then disappeared into the casino industry in the Philippines.
 
(Inputs from Business Line)
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