Cosmos Co-operative Bank server has get hacked, Hacker managed to transfer over Rs 94 crore through a malware attack on the server of Bank, on its debit card payment system and SWIFT transaction. Cosmos Co-operative Bank said within 2 day Rs 94 crore were get withdrawals illegally.
On August 11 Bank came to know about the malware attack on its debit card payment system. It notice unusual repeated transactions were taking place through ATM VISA and RuPay card for nearly two hours. Cosmos Bank immediately shut down its VISA and RuPay debit card payment system.
Then on Tuesday Cosmos Co-operative Bank filed a complaint against an unidentified person and a Hong Kong-based company. Cosmos Co-operative Bank said in their complaint at the city’s Chatushringi police station that on August 11 and August 13 its servers were get hacked. On August 11 and August 13, Hackers carried out fraudulent transactions through 28 ATMs located in Canada, Hong Kong and a few in India.
As per the complaint the hackers used an unidentified malware to hack the system and clone card details of the bank customers. The server of its main branch were get hacked twice.
In between 3pm and 10pm on Aug 11 Hacker has carried out 15,000 transactions. Initially Rs 80.5 crore were transferred to a foreign bank in 14,849 transactions of the debit card. On the second instance, total 2,849 transactions were done in which Rs 2.5 crore was transferred within India through National Payments Corporation of India (NPCI) and VISA.
On August 13 hackers again transferred Rs 13.92 crore in a Hong Kong-based bank by using fraudulent swift transactions. About Rs 78 crore was withdrawn through various ATMs located across 28 countries.
Cosmos Co-operative Bank said customers accounts were not touched and it is the bank which has incurred the loss of this money. The hackers self-approved the transactions and withdrew over Rs 94 crore on two to three occasions. The core banking system (CBS) was not attacked, the malware attack was on the switch which is operative for payment gateways of Visa and Rupay debit cards.
A case has been registered under section 43, 65, 66(C) and 66 (D) of the Information Technology Act and relevant sections of Indian Penal Code. For the investigation of this malware attack bank has appointed a professional forensic agency. The agency will submit its report in the next few days regarding the modus operandi of the attack and the exact amount involved therein.
Cosmos Co-operative Bank is 112-year-old bank and India’s second largest cooperative bank. It has five regional offices with 140 service outlets across seven states.
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