Million USD stolen from Russian Bank

CBI arrests Punjab National Bank officials

India's City Union Bank said on Sunday that "cyber criminals" had hacked its systems and transferred almost $2 million through three unauthorised remittances to lenders overseas via the SWIFT financial platform.

"This is basically a cyber-attack by worldwide cyber-criminals", he told Reuters.

During our reconciliation process on 7th February 2018, it was found that 3 fraudulent transactions were initiated by the cyber criminals gaining access into our system illegally and not initiated from our Bank's end.

Meanwhile, USD 1,000,000 made its way to a Chinese-based bank, where someone used forged documents to claim the funds.

It has not disclosed any details regarding the possible perpetrators behind the cyber heist.

Natasha de Teran, a spokeswoman for Swift, said the firm does not comment on individual entities but emphasised that its systems have never been compromised by hackers. Bank officials in Dhaka initially assumed there was simply a printer problem. The fund was blocked in the beneficiary's account in the Turkey Bank. Almost two years later, there is no word on who was responsible and Bangladesh Bank has been able to retrieve only about $15 million, mostly from a Manila junket operator.


Kamakodi added that the money has been retrieved or blocked in two out of the three cases, according to reports by CNBC-TV18.

Kamakodi said the lender was working with Indian authorities to work with affected countries to investigate what happened.

CUB's SWIFT payment system is back to normal after ensuring adequate enhanced security in place. "It's a cat and mouse game", he said.

In April 2017, SWIFT introduced its Customer Security Controls Framework - a set of mandatory and advisory security controls for SWIFT customers aimed at establishing a security baseline for the entire community.

"In view of large divergences observed in asset classification and provisioning in the credit portfolio of banks as well as the rising incidence of frauds in the Indian banking system, it has been chose to constitute an Expert Committee under the chairmanship of Shri Y H Malegam, a former member of the Central Board of Directors of RBI" the Reserve Bank said in a release posted on its web site.

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