Cyber attack similar to Bangladesh central bank hack

Cyber attack similar to Bangladesh central bank hack

CYBERCRIMINALS have transferred US$2 million from India's City Union Bank through three unauthorized remittances to lenders based overseas via the SWIFT financial platform, the institution revealed over the weekend.

Once again we wish to inform that it is not similar to the fraud that happened in one of the largest public sector banks and that there is no evidence of staff involvement as speculated by a section of the press. Since our reconciliation system was very tight we could catch the attack in three attempts.

The City Union Bank clarified that the modus operandi of this incident is not related to the multibillion dollar fraud allegedly committed by diamond merchant Nirav Modi against the Punjab National Bank. "This is basically a cyberattack by worldwide cyber criminals", he said, Reuters reported on Feb.19.

City Union, a small private lender based in south India, said the three money transfer instructions were sent via correspondent banks to accounts in Dubai, Turkey and China.

Sony to Enter the Ride-Hailing Business in Japan
It is unclear as to why Sony suddenly wants to get into the taxi/transportation business, but it could be an interesting approach. Local rivals, such as Nihon Kotsu Co., Tokyo's largest cab company, have already released popular taxi-hailing apps.

A second transfer of 300,000 euros ($372,150) was routed through a Standard Chartered Bank account in Frankfurt to a Turkish account, although the Turkish lender had blocked the transfer from being finalised.

However, a third transfer of $1m sent via a Bank of America account in NY to Zhejiang Rural Credit Cooperative Union in Hangzhou, China, appears to have succeeded. The beneficiary claimed the funds by submitting forged documents.

The Reserve Bank of India said on Tuesday it had alerted banks of possible misuse of the SWIFT system on at least three occasions since August 2016. The Bank says it was "blocked immediately", perhaps by a scanning service which SWIFT launched in March 2016 as part of its new Customer Security Program (CSP) following the $81 million heist at the Bangladesh Bank. According to experts on banking security, Indian banks that depend on the messaging platform SWIFT are required to be more cautious, reported Reuters. The Indian Consulate in Instanbul is now working to help repatriate that amount.

The bank, with the help of Ministry of External Affairs, Consulate General of Shanghai and Istanbul, is making all diplomatic and legal efforts to repatriate the money, it mentioned in its filing.

Related news:

Hot News

isis-killer-beheading-video-story-top Tottenham boss Pochettino: Rochdale deserved Wembley replay
Feb 21, 2018 - 03:58
Ladbrokes' Alex Apati said: "Man United's victory was to be expected, but Rochdale's comeback made for a real coupon-buster". Spurs remained jittery and Rochdale produced a attractive passage of play to move ahead on the brink of half-time.

isis-killer-beheading-video-story-top Apple Releases watchOS 4.2.3 Update with Telugu Character Bug Fix
Feb 20, 2018 - 18:36
And in January, a "chaiOS" bug emerged that caused some devices to crash and reboot after users clicked a certain link . However, Apple's next iOS 11.3 update for iPhones is set to bring a major change in the user experience of old iPhones.

isis-killer-beheading-video-story-top Freezing Rain Expected Early Tuesday, Winter Weather Advisory Continues
Feb 20, 2018 - 18:34
Parts of Travis County are in moderate to severe drought, and Williams said this rain could improve those conditions. On Tuesday , thunderstorms are expected to shift east along the Interstate 35 corridor through Wednesday afternoon.

isis-killer-beheading-video-story-top Latvian central bank governor arrested by anti-corruption officers
Feb 19, 2018 - 08:56
Latvia's central bank manager, Ilmars Rimsevics, has been suspended by the country's anti-corruption agency. The government is due to hold an emergency cabinet meeting on Monday.

isis-killer-beheading-video-story-top BAFTA Awards 2018: Three Billboards dominates as Time's Up campaign shares stage
Feb 19, 2018 - 08:55
However, there was disappointment for Saoirse Ronan who missed out on the Best Actress gong. But The Shape of Water looks most likely to take home the big prize.

isis-killer-beheading-video-story-top John-Henry Krueger wins short-track silver, ends USA medal drought
Feb 19, 2018 - 08:45
Girard, 21, finished in 1min 24.650sec, ahead of the USA's John-Henry Krueger, who picked up the silver clocking 1:24.864. It was mixed results for Canada in curling, with both teams going against the trend they set to start the Games.

isis-killer-beheading-video-story-top NBA All-Star game neglects little guys in smaller markets
Feb 18, 2018 - 03:12
Team Lebron was the overwhelming favorite, but it got hit with the injury bug in the three weeks after the initial All-Star draft. However if you're looking to watch the game online, you may struggle, as the game is the sole property of TNT in the USA.

isis-killer-beheading-video-story-top Iran to simplify visa norms for India
Feb 18, 2018 - 03:10
Rouhani said Iran was "fully ready" to intensify cooperation in the areas of energy, particularly oil, gas and petrochemicals. The Chabahar Port in South Eastern Iran being developed by India is seen as the closest sea link of Iran to the Indian ocean.

isis-killer-beheading-video-story-top Child rapist gets death sentence in Pakistan
Feb 18, 2018 - 03:03
One million rupees of the fine would be given in compensation to the victim's family, public prosecutor Abdul Rauf Wattoo said. Prosecutors said the man received further life imprisonment and fines for additional charges of hiding his victim's body.

isis-killer-beheading-video-story-top Philippe Coutinho set for return to Liverpool
Feb 17, 2018 - 00:21
So far in the ongoing season, Salah has scored 29 goals across all competitions, shattering several records to reach the figure.

isis-killer-beheading-video-story-top ESPN and FOX are in tug-of-war battle for Peyton Manning
Feb 17, 2018 - 00:20
ESPN, meanwhile, needs someone to replace Jon Gruden on " Monday Night Football ". He had stopped playing for 12 years at that point.

isis-killer-beheading-video-story-top McDonald's Will Only Offer 'Healthy' Happy Meals In The US This Summer
Feb 17, 2018 - 00:18
You can still get your classic Happy Meal with the burger, coke and fries; it just won't be as visible as it used to be. Cheeseburgers will no longer be an option for the Happy Meal, and water will become the default beverage given.

isis-killer-beheading-video-story-top Game Changer! Snapchat Now Offering User Analytics
Feb 16, 2018 - 02:49
A petition asking Snapchat to roll back it s latest update has garnered over one million signatories. But now Snapchat is facing criticism that the app reorganization makes it harder to navigate.

isis-killer-beheading-video-story-top First videos of the new 2018 BMW X4
Feb 15, 2018 - 00:56
BMW slightly revised the exterior of the X4 and stretched the dimensions, similar to the X3 that was new for previous year . Wheels range in size from 19 to 21 inches, and further options from BMW Individual stand to make it even more personal.

isis-killer-beheading-video-story-top YouTube Stars Forced To Hide From Deranged Fan In Deadly Home Invasion!
Feb 14, 2018 - 17:47
The officers announced their presence, heard a single gunshot come from the vehicle and returned fire. It seems like he envied Free's aspirational lifestyle and his romantic relationship with Turney.