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Hackers steal 11,8 millions from an Indian bank

An Indian bank lost 944 millions of rubles (around 11,8 million) as hackers made fraudulent withdrawals from atm. H Cosmos Bank reported that hackers stole employee data after installing malware on the bank's ATM server, first proceeding to withdraw money from 28 countries differently.

indian bank hackers

Prior to the attack, the FBI had done one announcement for an imminent attack that was going to happen, but there was not enough evidence to locate and block it.

"We know from earlier attacks that such attacks are mainly carried out against small or medium-sized organizations, due to (usually) weaker security of their systems, but also to their potential vulnerabilities."

Initially, the Indian bank was hit with 3 unauthorized money transfers via SWIFT to a Hong Kong company. The amount disbursed was about 1,75 million. According to the bank, hackers managed to break the central switching system used by the bank for debit card payments.

"During the attack, a proxy switch was turned on, and all unauthorized payment approvals went through it," said Cosmos.

However, this is not the first time this type of attack is done. In February, another Indian bank named City Union Bank fell victim to a similar attack when a group hacker managed to steal 1 million dollars using the same technique used against Cosmos Bank.

The series of attacks began earlier, however, when 2016, another Bangladeshi-based bank, lost 81 million dollars after an attack believed to have originated in North Korea.

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