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India's Cosmos Bank hit by ATM cashout attack

Predicted ATM attack sees $13.4m stolen in co-ordinated cyberattack

India's Cosmos Bank hit by ATM cashout attack
The FBI had warned of an ATM hack last week, although the warning only became public after the attack.

India's Cosmos Bank has been hit by a two-pronged cyberattack that stole $13.4m.

The bank appears to have been the victim of an ‘ATM cash-out' attack, which had been predicted by the FBI last week.

Cosmos Bank was hit by a co-ordinated attack on Saturday, with some 15,000 fraudulent ATM withdrawals made using cloned cards in 28 countries. In a seven-hour period attackers were able to steal Rs 78 crore ($11.1m) from international banks, mainly using cloned Visa cards; and Rs 2.5 crore ($355,000) was taken in India.

The ATM cashout was followed by a theft via SWIFT transaction to a bank in Hong Kong, which stole a further Rs 13.5 crore ($1.93m), on Monday.

The hackers are believed to have used a malware attack to steal card and account details and to remove authorisation or card limits for the targeted accounts. They then withdrew the cash in a highly co-ordinated attack.

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