NIC Asia Bank’s SWIFT server hacked

NIC Asia Bank were swindled out of USD 4.4 million in fraudulent transfers
  • DataBreachToday reports that one of Nepal’s biggest banks last month suffered a cyberattack that resulted in fraudulent SWIFT transfers being issued.
  • NIC Asia Bank said attackers made USD 4.4 million in transfers from its accounts to accounts in six other countries, including the United States, the United Kingdom, Japan and Singapore.
  • However, as soon as the fraud was reported to Nepal’s central bank, USD 3.9 million of the illicit transfers were reversed. However, USD 580,000 was unrecoverable because it had already been released.
  • Neither NIC Asia Bank, the NRB nor SWIFT have responded to requests for comment.
  • NIC Asia Bank commissioned KPMG India to conduct a digital forensic review, but they haven’t ascertained whether it was a purely outside attacker or an inside job.
  • The investigation found that six staffers in NIC Asia Bank’s SWIFT department had used a computer that was meant to be used only for SWIFT transactions for other purposes as well. They have since been transferred to other departments.
  • Just last month, the central bank of Bangladesh’s New York Fed account was plundered of USD 81 million in a malware attack that allowed them to subvert SWIFT’s client software and create USD 951 million in fraudulent transfers. The attack was blamed on North Korea.

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