Russian banks shut down for using hackers to withdraw funds

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Russian banks shut down for using hackers to withdraw funds

February 18th, 2016

Awake Goy

The Russian Central Bank suspects that certain national banks have been using hackers to withdraw funds from the accounts of their clients according to the results of a recent investigation conducted by experts at the Central Bank.

Georgy Luntovsky, first deputy chairman of the Central Bank, told SCMagazineUK.com through his representative that in recent months many Russian banks and financial institutions have begun using fake cyberattacks, which help them to cover up their previous crimes or violations, as well as to withdraw money from the accounts of their clients.

Luntovsky has also added that in the fourth quarter of 2015 the Central Bank had revoked the licences of three domestic banks that had previously been reportedly subject to cybe- attacks by hackers.

According to data from the Russian Central Bank, in Q4 2015 alone cyber-attacks resulted in the theft of more than 1.5 billion rubles (US$ 20 million) from the accounts of clients at some Russian banks and there is a strong suspicion that these attacks could have taken place with the knowledge of these banks and even with their direct participation.

Criminals were able to cash funds using real credit cards, making thousands of anonymous bank transfers and falsifying accounting details of the banks’ counterparties.