Cosmos Bank Pune Server Hacked, Over Rs 94 Crore Allegedly Looted by Hackers

Team Latestly
Hackers managed to transfer over Rs 94 crore through a malware attack on the server of Pune-based Cosmos Bank.

Mumbai, August 14:  The Cosmos Co-operative Bank Ltd, one of the oldest cooperative banks in India, has fallen a prey to a suspected cyber-attack as the server of its headquarter located in Pune has been hacked. Reports inform that transactions worth Rs 94.42 crore have been carried out in India and Hong Kong. According to a report by Indian Express, officials of the Cosmos Bank have filed a complaint at the Chatushrungi police station in Pune.

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The FIR states that the money transfer took place on two days - August 11 and August 13 and details of thousands of debit cards were stolen by suspected cybercriminals in the malware attack. A team from the local police station and the cyber crime cell of Pune police have launched an investigation in the case. The Bank officials have mentioned in the FIR that they are suspecting a malware attack on the ATM switch located at the bank’s headquarters on Ganeshkhind Road in the city.

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The server was hacked on August 11 and around 78 crore was transferred out of the country. A transaction of Rs 2.5 crore was done in India through National Payments Corporation of India (NCPI) and VISA.  On August 13, the server was hacked again and Rs 14 crore were transferred through Swift transaction to the account of ALM trading limited at Hang Seng Bank in Hong Kong, reports informed.

The Cosmos Bank is one of the first co-operative banks in the country to implement Core Banking System (CBS) across the entire network of its then 140 service outlets using Finacle-Infosys Core Banking Software. It also received an authorized dealer (AD) license from the Reserve Bank of India to become the third co-operative bank in India to have such a license in thirty years.