Ramping Up Data Security in Co-operative Banks
In August, 2018, the Cosmos Co-operative Bank (also known as Cosmos Bank), was robbed of INR 94 crores by hackers using malware that cloned debit card details of thousands of bank customers. They used a multi-pronged strategy to hack into the banks debit card payment system (specifically the servers that control the ATM switch). In a little under two and a half hours, money was withdrawn from ATMs across 28 countries using cloned debit card details. By the time it was detected, nearly 15,000 fraudulent transactions (Visa and RuPay cards) had already been made.