State-wide Investigation Teams Deployed for Cosmos Bank Case

NP NEWS NETWORK

Pune

Pune-based Cosmos Bank had lost Rs 94.42 crore in online fraudulent hacking of bank’s system which includes 2.25 crore of Indian transactions. Various investigation teams have been sent to different districts.

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As said by Brijesh Singh, Inspector General (Cyber), “Investigation has revealed 2 aspects, one is the overseas transaction done through bank and second is India based transactions. Information is carried out by database. Investigation team is finding out the differences between genuine and fake accounts which will help to bring the fraudulent transactions in light.”

Indian transactions are witnessed to be done of Rs 2.25 crore. Most important is to identify the SWIFT and overseas transactions. Pune police’s special investigation branch has made it possible to recover some amount but that is a very nominal amount.

More amount than the core balance was being shown because of the malfunctioning. The same was not appeared in the core banking.

Maharashtra Police has formed Special Investigation Team to probe. Currently, DCP Singh is heading a ten-member team comprising police officials wherein Brijesh Singh, inspector general (cyber), is a part of the SIT formed at the directions of director general of police (DGP).

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On August 14, Cosmos Bank announced that a multinational hacking ring wiped off Rs 94.42 crore from the pool account of the Pune-headquartered bank on August 11 and August 13.

Till now, bank has recovered Rs 1 lakh 10 thousand from two of their regular customers. From one of him, they have got Rs 90 thousand amount and from another, Rs 20 thousand has been recovered.

This digital fraud was made possible by hackers because of a malware attack on the bank’s system. Malware is a malicious software which can be sent as a link to the target. Once the target clicks on the link, it can install executable codes and scripts.

These are suspected to have been done with “cloned cards”, although a senior source at National Payment Corporation of India (NPCI) said that this is not certain at this stage. Cloned debit and credit cards have been used in several cyber crimes.