European banks lose 36m Euros in cyberattacks

Posted on December 5, 2012 09:49 am

A joint report released few hours ago by Checkpoint software Technologies and Versafe focusing on security has revealed that more than 36 million euros were stolen earlier this year from some 30,000 bank accounts in Europe in a cyberattack dubbed Eurograbber. While reading the report,I was shocked to see Cyberthieves in Spain stole 5.8 million euros from 11,352 accountholders at seven banks.The report confirmed the attacks affected computers and Mobile phones between January and August of this year.In August, Check point had reported the attack to the European police and alerted the affected banks.
The report has explained the procedure the virus used to invade the banking system and after accessing certain links, the malware installs itself in a computer and remains inactive until the user connects online to their bank account.

After that, the communication of the user with the bank is intercepted and replaced.The malware, which simulates being a bank, sends a warning to the user about updating and improving online security and asks for their cell phone number, by which it also infects that device and interferes with the messages that banks send as part of the authentication process. With the information and the transaction processing number, cyberattackers can execute cash transfers parallel to those of the actual customer. According to the report, if a bank customer transfer, for example, 200 euros, they can steal another such amount and customer won’t see any change, either on the computer screen or on the mobile phone.The report shows the amounts stolen ranged from between 500 to 250,000 euros and were removed from individual and corporate bank accounts in Holland, Spain, Italy, and Germany

Contador Harrison