This was how hackers stole over Rs.16 crore from a Noida bank… 💸
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00:00A bank in Noida lost over 16 crore rupees in just 5 days, and the heist didn't involve
00:06masks and guns.
00:07It was carried out entirely online.
00:12On 17th June 2024, when Sumit Kumar Srivastav, the IT manager of the Nainital Bank's Noida
00:19branch, was checking the balance sheet for the month during a routine audit, something
00:24unusual caught his eye.
00:26He found that over 3 crore rupees was missing from the accounts.
00:30Initially, the bank suspected that it might be a technical error, but it didn't take
00:35long for them to realize that something was fishy, as they could not match the balance
00:40sheet for several days.
00:42And that's when the bank's IT manager decided to go to the Cybercrime Police Station and
00:47file a complaint.
00:49He suspected that the fraudsters hacked the servers of the bank to get hold of the login
00:54ID and password of the bank manager.
00:57Using the stolen login credentials, the hackers got access to the bank's real-time gross
01:02settlement system, which facilitated instant money transfers between banks in India.
01:07Srivastav said this happened between 17th and 20th June, and over 16 crore rupees was
01:13transferred to 89 accounts in different banks.
01:17The bank asked the other banks to immediately freeze all the suspicious accounts, and the
01:21account holders were instructed to complete their KYC process to verify their identities.
01:27As soon as the other banks froze these accounts in which the amount was credited, over 69
01:33lakh rupees was returned to the Noida Bank.
01:36It wasn't clear if the cyberattack originated from India or abroad, but based on the complaints
01:41submitted by the bank management, Assistant Commissioner of Police Vivek Ranjan Rai of
01:46the Noida Cybercrime Wing said that a case of cheating and identity theft had been registered
01:52under Section 420 of the Indian Penal Code and Section 66C of the Information Technology
01:58Act 2008.
01:59The bank was also strengthening its cybersecurity measures to prevent such incidents in the
02:23future.
02:24In 2023, more than 4,000 cybercrimes were reported in India, resulting in a total loss
02:30of more than 60 crore rupees.
02:32And in the first four months of 2024, over 7,40,000 cybercrime complaints were registered
02:40on the National Cybercrime Reporting Portal, and people lost more than 1750 crore to cybercriminals.
02:48So if you fall victim to cybercrime, you can lodge an online complaint on the National
02:54Cybercrime Reporting Portal or dial the National Cybercrime Helpline number 1930.
03:00Another portal to file a cyberfraud complaint is cybercrime.gov.in.