HACKERS LOOTED 94 CRORES FROM COSMOS BANK IN PUNE
https://www.indiatoday.in/india/story/hackers-steal-rs-94-crore-from-pune-s-cosmos-bank-1314081-2018-08-14
Hacking is exploiting a computer system or private network inside a computer. I have come acrossed one case where hackers looted about 94 crores rupees through a malware attack on the server of Pune base Cosmos Bank and cloned about thousands of debit cards over a period of two days. This incident took place on 11th and 13th august 2018.Reports says that the hackers originated from canada. In 2 days hackers managed to withdraw 78 crores from various ATM's in 28 countries including Canada , Hongkong and around 2.5 crores were taken out from India. 14 crores were transferred in a Hong Kong based bank by using fraudulent transactions. The malware attack was operativbe for payment getaways of Visa and Rupay debit cards.
How did the bank came to know about it ? The malware attack was identified only after they observed unusual repeated transactions through visa and rupay cards for nearly 2 hours.
Bank has claimed that all savings , term deposits and recurring accounts of all the customers were fully safe. The bank registered an FIR at Chatushringi police station in the city. The actual loss was identified only after reconciliation with Visa and Rupay.
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ReplyDeleteI feel as on online transaction we always get an one-time top facility likewise while using debit-card we should always get an one-time otp
ReplyDeleteBank should hire ETHICAL PROFESSIONAL HACKER who can help in avoiding hacking risks and detecting any suspicious activity if found.
ReplyDeletei partailly disagree with this as there is no 100% guaranty that hacking would not happen.
DeleteBut we can avoid maximum level of risks in the banking systems with the help of ethical hackers.
DeleteI observed that the hackers had cloned the debit cards of customers and also created proxy payment getaway page because of which the transactions were carried out without bank approvals.
ReplyDeleteAccording to me security measurements should be created more to prevent from unethical hacking activites in banks.
ReplyDeleteI think our government should improve cyber risk management to get bank systems more stronger and hack free.
ReplyDeleteI feel bank should request customers to change their debit card pin number time to time.
ReplyDeleteI feel government should change few online banking securities with bio-metric system so that number of frauds can be prevented.
ReplyDeleteIn my point of view every corporate center including banks should connect with IT department so that network access control systems makes difficult for hackers to enter any operating system illegally.
ReplyDeleteI think security audit should be implemented aggressively in banking system for prevention of such incidents in future.
ReplyDeleteIt was good to see government making necessary changes in operating of plastic money by replacing normal swiping debit cards with chip debit cards.
ReplyDeleteYes i agree. This has helped to maintain authenticity of debit cards which will be difficult for hackers to clone them and misuse them.
DeleteAs the number of illegal activities is increasing day by day, it is creating a threat amongst people's mind to trust the bank authorities.
ReplyDeleteAccording to my opinion the government should promote awareness among people about hacking and other unethical cyber issues in operating online banking systems.
ReplyDeleteAfter studying this case i feel sad to know that loss is more of customers as around 78 crores is still not recovered as per the news reports.
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