Bank Muscat looking at ways to recover fraud cash

Oman's largest lender lost $39m as part of major global cyber heist

Tags: Bank Muscat (www.bankmuscat.com)Cyber crimeOman
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Bank Muscat looking at ways to recover fraud cash Bank Muscat is ‘exploring all avenues of recovery’ for its $39m cyber loss.
By  Stephen McBride Published  May 14, 2013

Bank Muscat is exploring ways to recoup the $39m loss it incurred when the company that processes the bank's pre-paid travel cards was hacked.

The hackers raised the balances and withdrawal limits on accounts hosted by card processing firm EnStage Inc and then instigated co-ordinated withdrawals from ATMs around the world.

The loss, which the bank reported in February, was part of a global $45m cyber heist that US authorities reported this week. German police arrested two Dutch nationals for their involvement in the thefts, which are said to have taken place in December 2012 and February 2013.

"Bank Muscat is aware from press reports that a number of arrests in different jurisdictions have taken place in relation to the prepaid debit card fraud incident which we disclosed on February 25 and 26," the bank said in a statement to the national bourse.

"We reiterate that we are exploring all avenues of recovery so as to protect shareholder interests and will advise the markets accordingly if there are any material developments in this regard."

593 days ago
Vinod Mehra

Lesson: Such loses and threats demand continuous enhancements in the security process and systems = Investment.

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