Cosmos bank ATMs to be remain closed for two days

Last updated Aug 15, 2018

Pune
NP NEWS NETWORK

In an incident of cyber-crime, some unidentified persons hacked its server and transferred 94.42 crore rupees and withdrew them. The commoners faced trouble withdrawing cash from their Cosmos Bank accounts since Tuesday morning.

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When the people tried to withdraw cash from ATMS, they were unable to do so. After this, the people got confused and terrified. The people unaware of what to do, headed towards the Cosmos Bank, where they got to know that the ATMs were closed down by the Banks itself as a security measure after the cyber-attack.

Milind Kale, Chairman of Cosmos said, “Card system which is included in the bank system, comprises International and RuPay cards which are used in India. There is a switching system that is responding to two different systems, the switching system which helps the other bank account holders to interact with core banks on that response system Malware attack has occurred and from that response system Visa cards and RuPay cards balance and related confirmation is given to NPCI (National Payment Corporation of India).
We have the preliminary estimate that this system is been attacked from somewhere in Canada. Approximately 12 thousand international transactions and 2800 transaction from India is been noted. All this transaction are been done physically from 29 countries including India. However, the account holders having money in their Saving Accounts, Current Accounts, the fixed deposit should not worry as they haven’t occurred any loss in this incidence. The unknown person has done ATM payment through banking payment settlement system using the bogus debit card.
The bank has done full payment to the entire banks which has faced loss due to this and in this bank is not at fault. However, considering precautionary measures the bank has kept all the system down for 2 days”

What does Cosmos Bank has to say about this?

All the cash deposited by the citizens is kept safe in their ATMs and that there was a technical failure. The bank has told the common people need to wait for 2 more days until the issue is resolved.

Insight of the news:

In a major security breach at Cosmos Bank, unidentified persons hacked it’s server and transferred Rs 94.42 crores and withdrawn them. Bank officials said there was malware attack.

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Now the Cosmos Bank has lodged a complaint against unidentified persons and ALM Trading Limited, Hong Kong as Rs 13.92 crores was transferred to their account with Hong Kong Bank in Hong Kong.

According to police, the ATM switch (server) located at Cosmos Bank head office on Ganeshkhind road was hacked between 3 pm to 10 pm on August 11. The hackers had stolen information of Visa and RuPay debit cardholders. In 12,000 transactions of Visa card they transferred Rs 78 crores out of India. Similarly, in 2849 transactions of RuPay card holders, Rs 2.5 crores was transferred within India.

Again on August 13 around 11.30 am, Rs 13.92 crores were transferred to ALM Trading Limited account in Hong Kong bank through SWIFT transaction.
The hackers have withdrawn all money transferred from Cosmos Bank. Based on complaint from bank official Suhas Gokhale (53), an FIR has been registered with Chatushrungi police station against unidentified persons and ALM Trading for offences under sections 420 (cheating), 379 (theft), 120b (criminal conspiracy), 34 (common intention) of the Indian Penal Code and relevant sections of Information Technology (IT) Act.