Hacker steals funds from customer bank accounts through Brute Force Attacks

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First Horizon Bank of United States witnessed a cyber attack on a few of its customers resulting in fund loss of $1 million in total. The banking firm reported the same in the Securities and Exchange Commission (SEC) filing and stated that the attack could have taken place after the hacker/s stole customer credentials.

Highly placed sources say that the attack could have taken place last month when the threat actor stole customer details from the banking servers through a vulnerability lying inside accounts software and then launched a brute force attack.

Over 200 customer account details were reportedly stolen in the cyber attack and that includes personal details of customers.

First Horizon, aka First Tennessee Bank stated it has discovered the flaw in the software and fixed it to prevent any further damage to the company’s reputation and customer trust. It also added in its press update that the operations of the company will not damage or the financial condition of the firm will never get impacted as the bank earns more than $500 million profits per annum.

The bank has launched a detailed inquiry and the culprits behind the attack are likely to be nabbed shortly.

First Horizon says that it will train its employees on the lurking threats in the current cyber landscape and will also help them in recognizing phishing and fake websites.

Threat monitoring solutions related to the network and software meant for application security have been re-deployed to protect the banking assets from such attacks in near future.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security