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City Union Bank faces cyber attack

City Union Bank said it faced a cyber attack on its systems and the hackers could transfer nearly $2 million through 3 unauthorized remittances to lenders overseas using the SWIFT platform. The bank said the remittances were sent via correspondent banks to accounts in Dubai, Turkey and China. N. Kamakodi, MD and CEO of the bank, said it was a conspiracy involving multiple countries, and the bank could block 2 of the 3 transactions. The third transaction, which involved a party in China is being handled through a court, he added.  The bank is investigating how the incident occurred, he said maintaining this is basically a cyber attack by international cyber criminals. There was no evidence of any internal staff involvement so far, he said. The bank said it had blocked one of the remittances, totaling $500,000, that was being sent through a Standard Chartered Bank account in New York to a Dubai-based lender. The second transfer of 300,000 euros was routed through a Standard Chartered Bank account in Frankfurt to a Turkish account, which the Turkish bank had blocked. A third totaling $1 million was sent through a Bank of America account in New York to a China-based bank.

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