Cosmos Cooperative Bank faces major blow, Rs 94 Crore drawn by hackers from Pune

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cyber attacksOne of the oldest cooperative banks in India Cosmos Cooperative Bank Ltd has been allegedly hacked and Rs 94.42 crore has been siphoned off from its ATM servers at its Pune headquarters.

As per the First Information Report, the bank’s systems were hacked twice, on Saturday and Monday.

The sensitive data of its Visa and RuPay debit card customers were compromised as some unknown persons hacked into the ATM Switch (servers) at the headquarters, said the Police.

“2,800 false transactions of Rs. 2.5 crore using 400 debit cards took place. It’s an international attack on the banking system. No customer account affected, dummy cards were used and switching system of the bank was hacked. Probe underway,” said Milind Kale, Chairman, Cosmos Bank.

According to the tentative estimates, the hackers have drawn Rs 78 crore by 12,000 Visa card transactions and transferred it out of the country, including bank accounts in Hong Kong.

In addition, Rs 2.50 crore from 2,849 transactions was transferred within India, details of which are being investigated, added the police.

Before the bank’s intervention, on Monday (August 13), the hackers commenced SWIFT transactions and transferred Rs 13.92 crore to the accounts of a company, ALM Trading Ltd, with Hang Seng Bank, Hong Kong. The fetched money was withdrawn immediately from that bank.

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