India’s oldest and second largest bank, Cosmos Bank has fallen victim to a cyber breach as hackers compromised the server and allegedly transferred over $13.4 million in 14,000 transactions across 29 countries.
The sophisticated malware attack breached the bank’s ATM system, approving transactions from cloned Visa and Rupay debit cards through a proxy switch.
Milind Kale, chairman Cosmos Co-Operative Bank says: “We suspect the malware attack to be done from Canada. The money was withdrawn from ATM machines from 28 countries through around 12,000 international transactions and around 2,849 domestic transactions. The transactions were carried out using fake debit cards. The deposit of account holders is safe and intact. However, as a precautionary measure, we have stopped the online system for two days.”