Cyber Heist at State Cooperative Bank: A Timeline of Events and Response
In a shocking incident, cybercriminals managed to steal a whopping ₹11.55 crore from the State Cooperative Bank by hacking into its server. The fraud, which occurred between May 11 and 12, exposed vulnerabilities in the bank’s mobile banking system and prompted an urgent response from law enforcement and cybersecurity agencies. Here’s a point-wise summary of the incident:
Key Highlights of the Cyber Fraud
1. Date of Incident:
• The cyber theft took place between May 11 and May 12.
2. Breach Method:
• Hackers gained unauthorised access through a mobile phone of an account holder from the Hatli branch in Chamba.
3. Targeted System:
• The fraudsters exploited the bank’s ‘Him Paisa’ mobile application.
4. Mode of Fund Transfer:
• Stolen funds were transferred to 20 different accounts using NEFT and RTGS.
5. Delay in Detection:
• Due to a holiday on May 13, the routine RBI report was delayed, leading to a late discovery on May 14.
6. Immediate Response:
• Upon detection, the bank alerted authorities and filed a formal complaint at Shimla’s Sadar Police Station.
7. Investigation Status:
• A Zero FIR was registered.
• The case has been transferred to the Cyber Police Station in Shimla.
8. Agencies Involved:
• CERT-In (Indian Computer Emergency Response Team) is actively involved in the investigation.
• A team from Delhi is expected to arrive for a detailed examination of the bank’s data centre.
9. Current Findings:
• Investigations are focusing on vulnerabilities within the Him Paisa app.
• Efforts are being made to identify how the breach occurred.
10. Security Measures Taken:
• The transferred money has been frozen in recipient accounts.
• Steps are underway to recover the funds and strengthen security protocols.
11. Assurance to Customers:
• Managing Director Shravan Mehta reassured that customer money is safe.
• The bank has cyber insurance to cover the losses.
12. Future Upgrades:
• The bank will soon upgrade to Infosys’ Finacle-10 banking software, used by major banks to improve cyber resilience.