Quote:Cosmos Bank in India says that hackers made off with $13.4m in stolen funds over the weekend. Multiple reports out of the country say that a group of attackers used cloned cards to withdraw cash from ATMs at a set time and perform a fraudulent SWIFT money transfer. Together, the efforts resulted in about Rs 94 crore ($13.4m) being stolen from the bank and its account holders.


The attack was believed to have taken place in two phases. The first, on Saturday between 1500 and 2200 local time, was an international effort with money mules in 28 different countries, all extracting cash from their local ATMs. According to the Hindustan Times, 15,000 transactions were carried out over the seven-hour period. The second phase took place Monday, when a SWIFT transaction saw Cosmos move Rs 13.5 crore ($1.93m) to an account at a bank in Hong Kong.