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RETAIL BANKING | Staff Reporter, India

India's Cosmos Bank loses $13.5m in crippling cyberattack

Hackers stole customer data through a malware attack on the ATM server.

Reuters reports that cyber criminals have stolen $13.5m (INR944m) from India’s Cosmos Bank through simultaneous withdrawals across 28 countries over the weekend. 

Also read: Krung Thai Bank and Kasikornbank hit by data leak

Unidentified hackers siphoned off customer information through a malware attack on its ATM server, withdrawing 11.47m (INR805m) in nearly 15,000 transactions in a little over two hours.

The hackers also transferred  $1.98m (INR139m) to a Hong Kong-based company’s account by issuing three unauthorised transactions over the SWIFT global payments network, the bank said in a police complaint.

“During the malware attack, a proxy switch was created and all the fraudulent payment approvals were passed by the proxy switching system,” the bank said in a statement.

Here’s more from Reuters:

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