Cyber attack on Indian bank’s SWIFT system

Indian City Union Bank said that cyber criminals gained access to the bank’s SWIFT systems and made three unauthorized transfers totalling $1.8 million.

The bank issued a statement about the cyber attack on Sunday February 18.

The bank spotted the fraudulent transactions on February 7th, as part of their reconciliation process and immediately notified the correspondent banks to recall the funds, The Register reports.  

The bank officials also said that there was no evidence of internal staff involvement, contrary to previous media reports. 

This news also comes after another report that described how criminals abused the SWIFT network to steal millions via illegal transactions from the Central Bank of Russia in 2017. 

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