Sponsored By

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.

Dark Reading Staff

February 21, 2018

1 Min Read

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.  

For more information, click here.

 

cropped-horizontal-bh18asia_468x60.png

 

Black Hat Asia returns to Singapore with hands-on technical Trainings, cutting-edge Briefings, Arsenal open-source tool demonstrations, top-tier solutions and service providers in the Business Hall. Click for information on the conference and to register.

About the Author(s)

Dark Reading Staff

Dark Reading

Dark Reading is a leading cybersecurity media site.

Keep up with the latest cybersecurity threats, newly discovered vulnerabilities, data breach information, and emerging trends. Delivered daily or weekly right to your email inbox.

You May Also Like


More Insights