3 Indian Banks Are Under Cyber Attack
Systems of three banks have been infiltrated by hackers to create fake trade documents that may have been used to raise finance abroad or facilitate dealings in banned items. The banks are government owned and two of them are headquartered in Mumbai and one in Kolkata. The banks in question discovered that their SWIFT systems – the global financial messaging service banks use to move millions of dollars and documents across borders every day – have been compromised to create fake documents. However, they aren’t still sure about the origin of the attack and the intention of the hackers. It’s learned that soon after the breaches were reported to the Reserve Bank of India, the regulator last month directed several banks to cross-check all trade documents issued over the past one year. “The nature of the attack is unfamiliar to Indian banks. While there is no monetary loss and ransom demand as yet, there are fears that the banks’ systems have been misused. There was fraudulent duplication ...