Major hack unearthed in City Union Bank; nearly 2 usd million gets transferred
In what could only be a warning of sorts for the cyber security to be taken seriously in India, the Mumbai based City Union Bank confirmed on Sunday that “cyber criminals” had hacked its systems.
It also stated that the hack resulted in transfer of nearly $2 million through three unauthorized remittances to lenders overseas via the SWIFT financial platform.
The comments come after the small private lender on Saturday had disclosed it had discovered the three “fraudulent remittances”, which were sent via correspondent banks to accounts in Dubai, Turkey and China.
Chief Executive Officer N. Kamakodi termed it a major conspiracy involving multiple countries and added that the investigations are still ongoing as to how it had happened.
Kamakodi added they have no evidence that the hack could have been from the inside of the banking system.
Kamakodi said the lender was working with Indian authorities to work with affected countries to investigate what happened and assured that it is also strengthening its internal monitoring systems.
Banking security experts said Indian banks that rely on the SWIFT messaging platform needed to be more vigilant.