Five years ago, on August 11, an astounding INR94.42 crore was stolen from Pune’s Cosmos Bank, setting off a chain of events that unraveled one of India's most significant cyber heists. This heist not only showcased the increasing prevalence of cybercrime but also highlighted the need for effective investigation and prosecution in the digital age.
Unraveling the Heist
The story began with a late-afternoon alert on August 11, 2018. Cosmos Bank officials received an unusual activity notification from Visa, flagging irregular transactions on debit cards linked to the bank. The heist was cunningly executed over a weekend, capitalizing on the slower response time.
Intriguingly, an account holder noticed an inflated balance while withdrawing money from an ATM. It was a red flag indicating the sophisticated nature of the crime. Swift transactions of around INR13.92 crore were traced to an account in Hong Kong's Hang Seng Bank, adding to the complexity.
Cracking the Case: Investigation and Teams
Filing an FIR was just the start of a formidable investigation. A Special Investigation Team (SIT) was formed, comprising cybersecurity experts, police officials, and industry specialists. This team embarked on dissecting the heist from various angles, examining money mules, analyzing mobile tower data, and studying ATM CCTV footage.
One team dug into transaction logs to identify suspicious patterns, and mobile tower data helped pinpoint potential culprits' locations. Another team probed the bank's systems, deciphering the intricate mechanics of the cyberattack. They discovered that hackers had infiltrated the bank's switch, the gateway between the ATM and the bank's core systems.
The Ingenious Hack: Anatomy and Execution
The hackers exploited a chink in the bank's digital armor. They used social engineering tactics to breach the bank's systems, targeting individuals who possessed access to critical digital infrastructure. Once inside, they manipulated the communication between the switch and the bank's customer database server (CBS).
The compromised switch allowed the hackers to approve transactions directly, bypassing the CBS and maintaining a cloak of invisibility. The hackers executed their operation meticulously over seven months, waiting for the opportune moment to strike. They even orchestrated money mules, daily wage laborers who withdrew cash from ATMs using cloned cards.
The Pursuit of Justice and Beyond
The investigation yielded results: money mules were apprehended and brought to justice. However, the masterminds and middlemen eluded capture. Some suspicions pointed to North Korea's involvement, given their history of cyberattacks. This heist underscored the need for a global effort against cybercrime, reforming international law enforcement cooperation systems, and imposing sanctions on countries that misuse digital tech for malicious purposes.
In the end, the Cosmos Bank heist showcased the relentless nature of cybercrime and the urgent need for effective cross-border investigation and collaboration. As technology evolves, law enforcement agencies must adapt and gear up to combat digital threats head-on, ensuring that cybercriminals are brought to justice, and digital landscapes remain secure.
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