When Cosmos bank online robbery news came on Tuesday morning, it shook the banking field with a bang. Huge amount of 94 crores and 42 lakhs was looted by hackers online from bank’s Pune head office which has “ATM Switch” (Server).
As per the officials, this loot included online and cash withdrawals from India as well as other 29 countries. Hackers planned it on Saturday as it was holiday. Visa and Rupay cards were used to do withdraw cash from different ATMs. Card cloning was used by hackers. As per the officials, bank’s Money has been looted, account holders’ money is safe in the bank; they need not worry about it.
There is a saying that “Every coin has two sides”, definitely online transactions have handful advantages but on the other hand we need to be very careful while doing these transactions, taking into account risks involved in it.