India's Cosmos Bank hit by ATM cashout attack
Predicted ATM attack sees $13.4m stolen in co-ordinated cyberattack
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.