In this era, we people have very much inclined towards the technology. Even, the banking system has not left untouched. Almost, all the banks have been digitalized, and everything has gone on just one just click of a mouse.

But, with all these technologies, there are hackers out there, who are trying to get benefitted by this system. One, such case is noted in the Union Bank, Mumbai.  A phishing attack is seen on the bank. The phishing attack was trying to spindle $171 million, about Rs. 1,100 crores, its present value.

What happened actually?

  • Everything was as usual in the Union Bank of Maharashtra, Mumbai.
  • At first, an email came from the Reserve Bank of India (RBI) to all the employees there. The email was carrying an attachment with it, making it a legitimate one. Some of the employees noticed a difference in the mail from the usual ones.
  • Three people suspected the email, coming from the email address was having adot(xer) file and not dot(pdf) file. This thing was reported to the Bank, but other employees who were not that Tech-savvy, fell into the prey.
  • As soon as they click on the link provided in the mail, A phishing attack had enveloped the UBI.

After-effect of the phishing attack

The phishing attack at the Union Bank, Mumbai is seen as a bigger threat to the Security.

  • Several investigations were laid to check the loopholes in the security and why such an incident occurred.
  • The case has been put forth to the Central Beaurue of Investigation (CBI), but CBI has not noticed it yet. A FIR has been filed already just after the incident occurred.
  • The officials are saying that the Union Bank was not a specific target.
  • They further said the phishing attack was generated to get someone fall in the prey. Attacks like this are a serious matter; the fraudulent emails should be avoided to postpone such incidents.

Other such incidents

It is not the first case, where a phishing and malware attack is reported in a bank. There are other cases also.

  1. The SWIFT hack in the North Korea. It was reported that $81 million was hacked from the Central Bank of Bangladesh in February 2016.
  2. In the October 2016, The Axis bank reported a cyber security breach, with a malware found in its software.

About The Author

"As a child, I was always looking at cyber security news because it interested me immensely. Growing up, I developed a habit of surrounding myself with other like-minded people and this helped shape me as a cyber security enthusiast. By constantly indulging in cyber security related forums, my love for the topic has snowballed."

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