State Bank of Mauritius recovers 90% money lost in cyber fraud

cyber security

The State Bank of Mauritius (India) on Friday revealed that it successfully recovered around 90 percent of the approximate loss of Rs 190 crore due to a major cyber attack carried out on October 2.

cyber securityThe amount the bank had lost was done via fraudulent SWIFT payments, said State Bank of Mauritius (SBM).

“Based on proactive and prompt measures, we have managed to recover around 90 per cent of the lost amount. As of today, the lost amount is limited to Rs 19 crore,” the SBM India said.

The spokesperson further informed that the amount of loss will reduce further after claiming insurance, while necessary measures are being initiated to avoid any further damage.

“We are working with authorities concerned to get to the root of the matter. We assure our customers that not a single customer account has been impacted,” the SBM added.

The SBM’s Nariman Point Branch filed a complaint with Mumbai Police’s Economic Offences Wing regarding the major cyber attack.

The bank mentioned in its complaint that some unknown persons hacked into the lender’s servers to illegally access various accounts and managed to transfer the funds to multiple accounts outside the country.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.