This time the miscreants stole 16.5 million rupees by cyber attack on a bank in India. This cyber attack was carried out on the Noida branch of Nainital Bank of the country; This money is then transferred in 89 different accounts. According to NDTV news, hackers stole the ID of Nainital Bank’s Noida branch manager and entered into the bank’s Real Time Gross Settlement or RTGS system between June 16 and 20 and stole 16.5 million rupees. How hackers withdrew 16.5 crore rupees from Nainital Bank
Nainital Bank IT Manager Sumit Kumar Srivastava has lodged a complaint in this regard with the cyber crime department of the police. In the complaint, he said that this cyber theft came to his attention while reconciling the accounts for the month of June.
On June 17, during the regular audit of the RTGS system, it was found that there was a discrepancy of Rs. 3 crore 60 lakh 94 thousand. After several days of continuous audits, more money irregularities were detected. After that, it is seen that there is a total discrepancy of 16 crore 50 lakh rupees.
As digital transactions grow, so does fraud. According to the annual report of the Indian Cyber Crime Coordination Center (IFOR C) under the Ministry of Home Affairs of India, in the last three years (2021-23), criminals have stolen Rs. Along with this, such hacking is also happening at the institutional level like Nainital Bank.
How hackers withdrew 16.5 crore rupees from Nainital Bank
Source: Prothom Alo
Hackers use various methods to illegally withdraw money from banks, often employing sophisticated techniques to bypass security measures. Here are some common tactics they use:
Phishing Attacks: Hackers send fake emails or messages to trick individuals into providing their bank details or login credentials. Once they obtain this information, they access the victim’s bank account and withdraw money.
Malware: Hackers install malicious software on a user’s device to gain access. Once installed, malware can log keystrokes, capture sensitive information, or manipulate banking applications.
Social Engineering: Hackers manipulate individuals into revealing confidential information by posing as bank representatives or technical support.
Card Skimming: Hackers place devices on ATMs or point-of-sale terminals to capture card information. They then clone the card to withdraw money from the victim’s account.
Account Takeover: Using stolen credentials, hackers gain access to a victim’s online banking account and transfer funds to their own accounts.
SIM Swapping: Hackers convince the victim’s mobile carrier to transfer the victim’s phone number to a SIM card they control. This allows them to intercept two-factor authentication codes and access the victim’s bank account.
Exploiting Software Vulnerabilities: Hackers exploit weaknesses in a bank’s software systems to gain unauthorized access or manipulate transactions.
Ransomware: Some hackers deploy ransomware to lock banks out of their systems until they pay a ransom. In some cases, they also extract data, including financial information.
Money Laundering: After stealing money, hackers use various methods to launder the funds, making it difficult to trace their origins.