Meath County funds worth €4.3million siphoned through Cyber Attack

Meath County Council has made it official yesterday that it was a recent victim of the cyber-attack in which funds worth over €4.3million were withdrawn from its account. But the best part is that the sophisticated attempt of stealing cash was identified at the right time and the amount is now lying frozen in an account of a Hong Kong bank.

The attempt to steal the cash from an Irish bank was captured by surveillance authorities of Gardai- The police force of Ireland. The Garda authorities are now providing assistance in the probe through the financial Intelligence Unit in the National Economic Crime Bureau and through Interpol.

As per the details available with us, seven weeks ago i.e. on October 28 this year, some cyber crooks initiated a CEO fraud where huge amounts of money were transferred to criminals- based on a fake instruction of the so-called CEO. In reality, the CEO never ordered for such bank transfer. Meath County Council’s €4.3million was transferred from its Irish bank abroad.

However, officers from the Gardai’s money laundering unit intervened and intercepted the money transfer and blocked the currency from being transferred to a suspicious account. But as per the laws they had to transfer the currency to a third party authorized bank. So, Garda authorities transferred that amount to a secured bank in Hong Kong.

Meath Council County will have to go through some legal procedures of financial Intelligence Unit in the National Economic Crime Bureau and Interpol in order to get back that money.

According to some news sources of Ireland, many companies holding accounts in the same bank have become victims of such cyber espionage in recent past. It is believed that €20 million worth cash was so far stolen in this fashion.

Bank of Ireland customers who have been victims of such fraud is now seeking government help on this issue.

Currently, none of the bank officials is ready to comment on this issue.

So, more details are awaited!

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

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