City Union Bank cyber attack: Successfully retrieved/block money in 2 out of 3 cases

City Union Bank informed the exchanges about a cyber criminal attack. There were three transactions. One went through for a million dollars where the receiving party also managed to gain the fund, according to bank via fraudulent means. The other two, one was blocked at bank’s end and second was blocked at the receiving bank’s end.

In an interview to CNBC-TV18, N Kamakodi, MD & CEO of City Union Bank spoke at length about the cyber criminal attack.

Kamakodi said that except the word ‘SWIFT’ - Society for Worldwide Interbank Financial Telecommunication, there is no commonality between Nirav Modi and our bank’s case.

He further said that our issue is related to a cyber attack.

Cyber criminals hacked into the system and did three transactions, he added.

He further mentioned that we successfully retrieved/blocked money in two out of the three cases.

There is no evidence of internal staff involvement in the cyber attack issue, Kamakodi added.

For entire interview, watch accompanying video.