The recent incident involving IndusInd Bank, where the bank reportedly lost Rs 40 crore in an 'online robbery,' has sparked significant concern and triggered an investigation by the Reserve Bank of India (RBI) and the police.
The theft involved sophisticated cybercriminals executing an online robbery, exploiting vulnerabilities in the bank’s digital infrastructure. The total amount stolen in this incident is reported to be Rs 40 crore. The frauds managed to withdraw ₹4.24 crore from various ATMs, while the police are still trying to locate the remaining ₹2.87 crore.
After the Bandra Kurla Complex (BKC) branch of the IndusInd bank got wind of the fraudulent transactions, it alerted the cyber police through their helpline number. Following quick action from the cyber police, they were able to freeze ₹32.89 crore in different bank accounts.
The Reserve Bank of India (RBI) is actively involved in the investigation, emphasizing the severity of the breach and its potential impact on the banking sector. Law enforcement agencies are also investigating the incident, focusing on identifying the perpetrators and understanding the methods used to carry out the robbery.
Banking officials are under scrutiny as part of the investigation to determine if there was any internal collusion or negligence that facilitated the cyberattack.
This incident highlights the critical need for enhanced cybersecurity measures in the banking sector to protect against sophisticated cyber threats. Banks are likely to review and strengthen their cybersecurity protocols to prevent such incidents in the future.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
