Hackers attacked the Indian City Union Bank through the SWIFT system. Stolen $ 2 million

Hackers attacked the Indian City Union Bank through the SWIFT system. Stolen $ 2 million

Indian Bank City Union said on Sunday that he was hacked through the SWIFT system, with the result that there were three unauthorized transfer for the total amount of two million dollars.

Chief Executive officer N. Kamakoti called it a planned attack involving several countries, and added that they are investigating.

It is an attack of international cybercriminals.

Kamakoti added that “so far no evidence of any staff participation” was not found. But it is stated that:

It is obvious that the account holders are part of this operation.

City Union Bank said that they managed to block one of the money transfers totaling US $ 500,000 that was sent through Standard Chartered Bank (STAN.L) new York to Dubai.

The second transfer in the amount of 300,000 euros (372.150 USD) was sent through the branch Standard Chartered Bank (STAN.L) in Frankfurt on Turkish account, but the Turkish Bank has blocked the transaction.

Third, the amount of 1 million U.S. dollars were sent through an account at Bank of America (BAC.N) in new York to the Bank in China – Zhejiang Rural Credit Cooperative Union.

Kamakoti stated that they are working together with Indian authorities over the investigation of the incident. He added that the Bank City Union also are engaged in strengthening their monitoring systems.

Money transfer system SWIFT has repeatedly appealed to the banks with a call for increased security measures when working with the system after the Bangladesh Bank has lost $ 81 million as the result of a hacker attack in February 2016.

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