NPCI blames Cosmos Bank for malware attacks
Mumbai, Aug 15: The National Payments Corp of India (NPCI) on Wednesday held the Cosmos Cooperative Bank Ltd's "own IT environment" responsible for the unprecedented cyber loot which left the Pune-based bank poorer by Rs 94.42 crore.
In a statement here, the NPCI's Head Risk Management, Bharat Panchal, said: "The NPCI's systems are fully secure and this particular issue has occurred within the (Cosmos Bank's) own IT environment.
"This has happened due to malware-based attack on the bank's IT system which has caused a fraud. Under the attack, maximum transactions have been reported from outside India."
He reiterated that the systems of NCPI - the umbrella organisation for operating retail payments and settlement systems in India - "were absolutely secure and it was continuously monitoring the situation arising out of the Cosmos Bank episode".
The Indian banking industry went in shudders on Tuesday after the Cosmos Bank admitted that it had fallen victim to an international group of hackers who siphoned off a total of Rs 94.24 crore in two cyber attacks on August 11 and August 13.
In the first cyber hit, the bank lost Rs 80.50 crore through multiple ATM swipes in 28 countries.
In the second malware assault, the hackers gobbled up Rs 13.92 crore by initiating SWIFT transfers.
Cosmos Bank Chairman Milind A. Kale said that after the malware attack on the critical communication system between various payment gateways was hacked, the hackers' gangs were informed simultaneously in 28 countries and they immediately started the withdrawals, in many cases small amounts of around $100, to avoid rousing suspicions.
He said normally, the Core Banking System (CBS) receives debit card payment requests via its 'Switching System'. But during the malware attack, a proxy switch was created and all the fraudulent payment approvals were passed through the proxy switching system.
Kale said the bank's own servers and other systems were inspected annually by the Reserve Bank of India Audit and System Audit and the bank was ensuring all the measures for data security and this security system was fully operational.
Banking experts and industry players fear this could be a 'pilot run' unless the authorities take it seriously.
Meanwhile, pending investigations, the country's second oldest and second largest cooperative bank (in terms of deposits and advances) has now shut all its ATMs across the country for two days till Thursday to prevent any further incidents.
The consolation was the Kale's assurance that none of the bank's 20 lakh customer accounts across 140 branches in the country have been affected nor would they bear any loss.
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Trump wants Jordan, Egypt to accept more Palestinian refugees, floats plan to 'clean out' Gaza
Aboard Air Force One, Jan 26 (AP): President Donald Trump said he would like to see Jordan, Egypt and other Arab nations increase the number of Palestinian refugees they are accepting from the Gaza Strip, potentially moving out enough of the population to “just clean out” the war-torn area to create a virtual clean slate.
During a 20-minute question-and-answer session Saturday with reporters aboard Air Force One, Trump also said he has ended his predecessor's hold on sending 2,000-pound bombs to Israel. That lifts a pressure point meant to reduce civilian casualties during Israel's war with Hamas in Gaza, which is now halted by a tenuous ceasefire.
“We released them today," Trump said of the bombs. “They've been waiting for them for a long time." Asked why he lifted the ban on those bombs, Trump responded, “Because they bought them.”
Trump has built his political career around being unapologetically pro-Israel. On his larger vision for Gaza, Trump said he had call earlier in the day with King Abdullah II of Jordan and would speak Sunday with President Abdel Fattah el-Sissi of Egypt.
“I'd like Egypt to take people,” Trump said. “You're talking about probably a million and a half people, and we just clean out that whole thing and say, You know, it's over.'”
Trump said he complimented Jordan for having successfully accepted Palestinian refugees and that he told the king, “I'd love for you to take on more, cause I'm looking at the whole Gaza Strip right now, and it's a mess. It's a real mess.”
Such a drastic displacement of people would openly contradict Palestinian identity and deep connection to Gaza. Still, Trump said the part of the world that encompasses Gaza, has “had many, many conflicts” over centuries. He said resettling “could be temporary or long term”.
“Something has to happen," Trump said. “But it's literally a demolition site right now. Almost everything's demolished, and people are dying there.” He added: “So, I'd rather get involved with some of the Arab nations, and build housing in a different location, where they can maybe live in peace for a change.”
Israeli Prime Minister Benjamin Netanyahu, in a statement Sunday, thanked Trump for “keeping your promise to give Israel the tools it needs to defend itself.” He did not mention Trump's suggestion on Palestinian refugees.
Trump has offered nontraditional views on the future of Gaza in the past. He suggested after he was inaugurated on Monday that Gaza has “really got to be rebuilt in a different way".
The new president added then, "Gaza is interesting. It's a phenomenal location, on the sea. The best weather, you know, everything is good. It's like, some beautiful things could be done with it, but it's very interesting."
Resuming delivery of large bombs, meanwhile, is a break with then-President Joe Biden, who halted their delivery in May as part of an effort to keep Israel from launching an all-out assault on the southern Gaza city of Rafah. A month later, Israel did take control of the city, but after the vast majority of the 1 million civilians that had been living or sheltering in Rafah had fled.
“Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centres,” Biden told CNN in May when he held up the weapons. “I made it clear that if they go into Rafah ... I'm not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities, that deal with that problem.”
The Biden pause had also held up 1,700 500-pound bombs that had been packaged in the same shipment to Israel, but weeks later those bombs were delivered.
Trump's action comes as he has celebrated the first phase of a ceasefire between Hamas and Israel that has paused the fighting and seen the release of some hostages held by Hamas in Gaza in return for hundreds of Palestinian prisoners held by Israel.
Negotiations have yet to begin in earnest on the more difficult second phase of the deal that would eventually see the release of all hostages held by Hamas and an enduring halt to the fighting.
If the remaining hostages are not released, the Israeli government has threatened to resume its war against Hamas, which launched a massive assault against Israel on Oct 7, 2023.
