“Cyber attack similar to Bangladesh central bank hack”

Published - February 19, 2018 09:46 pm IST - Mumbai

Private sector lender City Union Bank, which was able to resolve two of the three cyber hack recently, likened it to the attempts on the Bangladesh central bank’s system in 2016.

“We had three fraudulent messages. One was $500,000 to Dubai which has been retrieved fully,” said N. Kamakodi, MD & CEO of City Union Bank.

“300,000 Euros went to a Turkish Bank, the money is now blocked by the bank in the customers account. There are some legal processes that need to be completed before the money could be retrieved back,” Mr. Kamakodi said.

On February 7, the bank had found that three fraudulent remittances, not initiated by it, had gone through its SWIFT systems to its correspondence banks. The lender then alerted the correspondence banks to recall the funds.

The third remittance was made through Bank of America, New York which went to a Chinese based bank for $ 100,000 and the beneficiary claimed the money by submitting forged documents. The bank is in talks with ministry of external affairs and other concerned officials to x get back the funds.

“It was basically cyber hacking. They gained access to our systems’ server. This is something similar to what happened to Bangladesh central bank,” he added.

In 2016, the hacker stole money from Bangladesh’s central bank’s account at the Federal Reserve Bank of New York using fraudulent orders on SWIFT.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.