India's Cosmos Bank hit by ATM cashout attack

Published: 16 August 2018 - 7:11 a.m.
By: Mark Sutton

India's Cosmos Bank has been hit by a two-pronged cyberattack that stole $13.4m.

The bank appears to have been the victim of an ‘ATM cash-out' attack, which had been predicted by the FBI earlier in the week.

Cosmos Bank was hit by a co-ordinated attack on Saturday, with some 15,000 fraudulent ATM withdrawals made using cloned cards in 28 countries. In a seven-hour period attackers were able to steal Rs 78 crore ($11.1m) from international banks, mainly using cloned Visa cards; and Rs 2.5 crore ($355,000) was taken in India.

The ATM cashout was followed by a theft via SWIFT transaction to a bank in Hong Kong, which stole a further Rs 13.5 crore ($1.93m), on Monday.

The hackers are believed to have used a malware attack to steal card and account details and to remove authorisation or card limits for the targeted accounts. They then withdrew the cash in a highly co-ordinated attack.

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