India's Cosmos bank raided for $13m by hackers Cosmos Bank in India says that hackers made off with $13.4m in stolen funds over the weekend. Multiple reports out of the country say that a group of attackers used cloned cards to withdraw cash from ATMs at a set time and perform a fraudulent SWIFT money transfer. Together, the efforts resulted in about Rs 94 crore ($13.4m) …
"The Indian bank... has suspended online banking in the wake of the incident."
A bunch of money was stolen by withdrawing it from ATMs and once again abusing SWIFT. The bank has therefore blocked all its customers from using online banking, despite that not having been involved in any way.
"a confidential alert sent from the FBI to US banks" - it's sent to more than just banks because I got it, too, and we're not a bank. It was from an FBI-issued PIN (Private Industry Notification, # 20180809-001) and was marked "TLP: AMBER" (Traffic Light Protocol), meaning it can be shared among others in your peer and partner organizations.
Banks really need to be better regulated. There should be international security standards mandating chip and pin or better still biometric. Some countries like Norway have had photographs on credit cards for years (I know that won't help in this case or online fraud). Is the cost really so high that the banks don't want to reduce fraud? The idea that you can go online and purchase things with just the card number is so 20th century. Its like using a typewriter or VHS player.
The Register 
Biting the hand that feeds IT
Copyright. All rights reserved © 1998–2024
