SHOCKING: Hackers break into another Maharashtra cooperative bank's server, steal Rs 68 lakh

Cybersecurity company Kaspersky has reacted to a recent hacking incident being reported where hackers broke into a cooperative bank’s server in Maharashtra and stole Rs 68 lakh. The incident is making the headlines only months after Pune-based Cosmos cooperative bank suffered a devastating malware attack on its server and lost Rs 94 crore.

Commenting on the recent incident, Shrenik Bhayani, General Manager, Kaspersky Lab (South Asia), had this to say:

"With digitalization taking over, we see many banks and financial institutes adapting to newer and advanced technologies to make processes convenient for people. However, certain cybersecurity measures may be overlooked in the midst of these transitions.”

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“Training employees is also a very important step to be taken, especially when they have been highly targeted by cybercriminals especially in the past year,” Bhayani added. 

Last month, hackers broke into Kolhapur Urban cooperative bank's server and siphoned off Rs 67.88 lakh. According to Police, Kolhapur Urban bank has two accounts in HDFC bank's Shahupuri branch for transacting through NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service).

The issue came to notice after officers of Kolhapur Urban cooperative bank found the online transfer of Rs 67.88 lakh to two accounts in HDFC bank within three hours. Upon approaching HDFC’s branch, officers of Kolhapur Urban cooperative bank found that the amount was transferred to 34 accounts.

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According to a new piece of information, police have arrested three from Jharkhand for their alleged involvement in the incident and Maharashtra Police's cybersecurity head Brijesh Singh has issued an advisory to all the banks to tighten their cybersecurity measures.

In August, hackers stole over Rs 94 crore through a malware attack on Cosmos Bank’s server and cloned thousands of the bank's debit cards over a period of two days. The fraudulent transactions were carried out on August 11 and August 13 and the malware attack by the hackers had originated in Canada.

(With agency inputs)