Cosmos Bank Based in Pune become the victim of Cyber Fraud, Loses Rs.94 Crore

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Cosmos Bank Based in Pune become the victim of Cyber Fraud, Loses Rs.94 Crore
Cosmos Bank Based in Pune become the victim of Cyber Fraud, Loses Rs.94 Crore

Cosmos Cooperative Bank which is popularly known as the city’s oldest urban cooperative banks has become the victim of the Cyber hacker. The cyber fraudsters invaded the bank’s system and drained out Rs.94 crore between August 11 and August 13.

A representative from the bank’s head office, Suhas Gokhale has sent a complaint to the Chatushrungi Police on Monday night when the fraud came into existence.

On August 11, the complaint stated that disguised hackers stole all the information of the bank’s VISA and Rupay card through the malware attack on its ATM (switch) server and took out Rs 80 crore through 14,849 transactions.

“Of these, 12,000 transactions were made through VISA cards and Rs 78 crore were transferred out of the country while Rs 2 crore were transferred through Rupay Card within the country with 2,849 transactions”, stated officer from Chatushrungi police.

Cosmos Bank Based in Pune become the victim of Cyber Fraud, Loses Rs.94 Crore
Cosmos Bank Based in Pune become the victim of Cyber Fraud, Loses Rs.94 Crore

The officer added, “On August 13, the hackers transferred Rs 13.94 crore to an account in a Hong Kong-based by initiating swift transaction system of the Cosmos Bank. The bank has lost Rs 94 crore within two days. We have registered the offense under the Information and Technology Act and are investigating”.

Hackers used thousands of cards from different account holders of the Cosmos Bank and extracted the reported amount.

As per the bank official, preliminary probe discloses that the fraudulent activity seems to have been originated from Canada.

Director of the co-operative bank, Krishnakumar Goyal stated that – “We have filed a complaint and are also taking help from the National Payments Cooperation of India (NPCI) and the RBI to see what can be done”.

He also stated that no customers were affected by the incident because the money was withdrawn from a pool account which has put back to a significant loss. According to his analysis, hackers designed a “parallel system” to the NPCI system and self-approved those transactions.

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