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City Union Loses $2 Million to Cyberattack, Gets Back Half
February 22, 2018
Tamil Nadu based City Union was duped of 2 million USD last week in a major cyber-attack. However, detecting the transactions that were traced to Dubai, China, and Turkey, it was able to retrieve half the amount.
City Union Bank MD N Kamakodi said that the bank’s reconciliation system is very powerful which is why the executives were able to get a hold of the attack in 3 attempts.
The cyber-attack was reported to be a result of a compromised SWIFT messaging system.
