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Information Technology (Bank Frauds (Malware (Short name for Malicious…

- - - - How fraud happened?
        
        Took place using malware attack
        
        Malware compromised a digital system responsible for settling cash dispensation request raised at ATMs
        
        Installed firewalls couldnt prevent it
      - Normal procedure while drawing money
        
        as one swipes a card, a request is transferred
        to the Core Banking System (CBS).
        
        If the account has enough money, CBS will allow the
        transaction.
        
        In this case, malware created a proxy system that
        bypassed CBS
        
        It approved asries of transactions in India and rest of the world using SWIFT facility
        
        It is a network that enables financial
        institutions to send and receive informationabout transactions in a secure environment.
        
        in This case, SWIFT was also compromised
        
        SWIFT system releases security patch updates, and Banks ensure systems are patched after update
        
        Could this have been done by cloned cards?
        
        fraudster collects the card details.
        
        card details are sold over Darknet.
        Darknet is the network with restricted access.
        
        The fraudster uses a machine to copy these on
        dummies or blank plastic cards
        
        using these cloned cards, he can
        withdraw money and as a proxy system is created, and will not be known to CBS