theDocumentId => 1331092 SWIFT Network Used in $2 Million Heist at Indian Bank

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Attacks/Breaches

2/20/2018
02:30 PM
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SWIFT Network Used in $2 Million Heist at Indian Bank

The theft at India's City Union Bank comes on the heels of news that attackers stole $6 million from a Russian bank via SWIFT network last year.

In an attack reminiscent of the one on Bangladesh Bank in 2016, attackers this weekend made $2 million in unauthorized transfers from India's City Union Bank via the SWIFT financial network, Reuters reports. One of the transfers, for $500,000, was stopped.

The attack comes on the heels of a Friday report that an unnamed Russian bank had suffered a $6 million theft via the SWIFT network last year, and reports last week that insiders at India's Punjab National Bank had conspired in a $1.8 billion fraud case. 

The unauthorized transfers from City Union Bank - which were being made to lenders in Dubai, Turkey, and China through City Union Bank's correspondent financial institutions - were discovered by a private lender Saturday. 

City Union's CEO N. Kamakodi told Reuters there is "so far no evidence of any internal staff involvement," but said "we are very clear now the account holders are part of this conspiracy."

The Committe on Payments and Market Infrastructure, in September, called for greater security of inter-bank messaging services like SWIFT.  

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