Attackers infiltrated the Brittany-based banking group on Wednesday and executed large-scale fraudulent transfers using an internal company account. The cybercrime unit of the Paris prosecutor's office has initiated a formal investigation after the lender reported an organized attack on an automated data processing system. Bank officials noted that an unidentified third-party service provider's platform was leveraged during the incident. Although client deposits were not impacted, certain outgoing transfers experienced temporary interruptions to prevent further illicit activity.
Key points
French banking supervisors and the European Central Bank have received formal notificatio…: French banking supervisors and the European Central Bank have received formal notification regarding the major security breach.
Online banking subsidiary Fortuneo and its customer accounts were entirely uninvolved in…: Online banking subsidiary Fortuneo and its customer accounts were entirely uninvolved in the security compromise.
The financial institution has not publicly identified the external vendor whose platform…: The financial institution has not publicly identified the external vendor whose platform attackers exploited during the heist.
Sources checked by our analysis pipeline: 1
PARIS, Nov 5 : French bank Credit Mutuel Arkea said on Thursday it was missing about €100 million ($112.61 million) and could not yet say how much it will be able to recover after this week's cyberattack, a rare successful heist against a large financial institution.
Wednesday's attack on the French lender follows the theft last week of $6.3 billion in cryptocurrency from the Binance exchange and a wave of cyberattacks targeting internet-connected fridges in Europe.
The attackers used an account belonging to Credit Mutuel Arkea to carry out "fraudulent transactions" to other banks, possibly allowing the funds to be converted into cryptocurrency through specialised platforms.
The hack did not involve customer accounts, however. And while the bank temporarily suspended some transactions as a precaution, resulting in delays to some transfers, customer assets were not affected, a spokesperson said on Thursday.
The spokesperson also rejected media reports that its online banking subsidiary Fortuneo was the entry point for the attack, saying there had been no "entry" through Fortuneo and that neither the division nor its customers' accounts were involved.
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