Hyderabad: Cybercriminals Hack Into Bank Servers, Siphon Off Rs 12 Crore To Different Accounts

Cyber Criminals allegedly hacked the servers of the AP Mahesh Cooperative Bank and siphoned off over Rs 12 crore to different accounts. The cybercrime wing of the Hyderabad police registered a case and launched its probe on Monday after the bank officials filed a complaint.

According to the police, some people hacked into the servers of the bank and logged into main accounts. They transferred the amount to more than 100 bank accounts.

The bank officials filed a complaint after the fraud came to light during internal verifications. A police team visited the main branch of AP Mahesh Cooperative Bank and launched its probe. The team gathered information concerning the cyber security system of the bank.

A bank official told India Today, "The destination banks were informed and necessary steps were immediately initiated to secure our funds. The bank's funds are insured against cyber-attack".

AP Mahesh Cooperative Bank has its head office in Hyderabad with a total of 45 branches covering four different states. It is said to be the first such e-fraud targeting a bank in the city.

What Is Cybercrime?

The term 'cyber crime' is not defined anywhere in any statute or act enacted by the Parliament. It is not fundamentally different from the concept of traditional crime as both involve a breach of law and are therefore punishable by the state.

However, cybercrime can be defined as any illegal criminal activity that uses a computer or software as either a tool, a target, or a means to commit further crimes.

Cybercrime Record In India

India ranks 21st in the list of countries most affected by cyberattacks globally. According to the Indian Chamber of Commerce and Industry report, there has been an increase of about 350 per cent in registered cybercrime cases in India from the year 2011 to 2014. According to another report, NCRB, 3,17,439 incidents of cybercrime were recorded between October 2019 to March 2021. During this period, 5,771 FIRs have been registered online.

During the Covid lockdown, cases of cyber fraud boomed across the country. According to reports, in Rajasthan alone, more than 200 fraud complaints have been registered, in which Rs 2.39 crore has been created in the name of PM Care.

Cybercrimes in India in the pandemic have gone up by 500%. We need to consider new threats like drones, ransomware, internet of things devices,& the role of nation-states:Gen Bipin Rawat,Chief of Defence MoD on 14th Hacking & Cybersecurity Briefing 'C0c0n' hosted by Kerala police pic.twitter.com/nXujEoINZi

— ANI (@ANI) November 12, 2021

We live in an era of digitization that eases our work but at the same increases the possibility of digital fraud. There is a need to create awareness among the people about cybercrime. As India is moving towards a cashless economy, strict steps should be taken to prevent unnecessary personal and confidential information dissemination. The success of the Digital India program will largely depend on cyber security.

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