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City Union Bank updates on cyber attack on its SWIFT payment system

Posted On: 2018-02-18 02:45:37

City Union Bank (CUB) said that during its reconciliation process on February 7, 2018, it was found that 3 fraudulent remittances had gone through its SWIFT system to correspondent banks which were not initiated from its end. The bank immediately alerted the correspondent banks to recall the funds.

Of the 3 fraudulent remittances, one remittance made through Standard Chartered Bank, New York to a Dubai based bank for US$ 500,000 which was blocked immediately and returned back to CUB. The second remittance was made through Standard Chartered Bank, Frankfurt to a Turkey based bank for EUR 300,000. The fund was blocked in the beneficiary's account in the Turkey Bank. CUB has taken necessary legal and diplomatic actions with the help of Indian Consulate, Istanbul, Turkey to repatriate the amount. The third remittance was made through Bank of America, New York went to a Chinese based bank for US$ 1000,000, the beneficiary had claimed the funds by submitting forged documentary evidences. With the help of Ministry of External Affairs through the Consulate General of Shanghai and Istanbul and office of the National Cyber Security Council (PMO) all possible efforts through diplomatic and legal channels are being taken to repatriate the money.

CUB's SWIFT payment system is back to normal after ensuring adequate enhanced security in place.

Shares of CITY UNION BANK LTD. was last trading in BSE at Rs.174.8 as compared to the previous close of Rs. 168.1. The total number of shares traded during the day was 45774 in over 729 trades.

The stock hit an intraday high of Rs. 174.8 and intraday low of 169. The net turnover during the day was Rs. 7854618.


Source: Equity Bulls

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