< Back to news headlines
16 April 2017 - Hackers stole US$171m from Union Bank of India last year
Union Bank of IndiaSource - http://www.outlookindia.com/website/story/how-hackers-stole-over-rs-1000-crore-from-union-bank-of-india-and-govt-got-it-ba/298554Where -
171,000,000 USDBusiness line -
Payments and Settlement
According to local newspaper reports, the Union Bank of India was victim of a major cyber heist last year, which saw US$171m of funds go missing.
Indian newspaper, The Hindu, reported that the US$171m was transferred to seven different countries in July 2016, with top government officials eventually tracking the stolen funds down a week later.
Dr. Gulshan Rai, India’s first chief information security officer is quoted in the newspaper as confirming the attack. “We worked in record time with the Reserve Bank of India, bank authorities and government agencies coordinating efforts. The bank succeeded in blocking the transfer of funds and credited the entire amount in a record period of six days,” he said.
The incident occurred after a bank employee opened an email containing malware. On July 20, the Union Bank of India official in the treasury department noticed Rs 11,02,42,16,100.00 in withdrawals made without his consent.
The money was fed through banks in Cambodia, Thailand, Taiwan and Australia, reportedly by Citibank and JP Morgan Chase in New York where the Union Bank of India has foreign exchange accounts.