India bank hack ‘similar’ to $81m Bangladesh central bank heist

The bank had been able to block only one of the transfers worth $500,000. (Reuters)
Updated 19 February 2018
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India bank hack ‘similar’ to $81m Bangladesh central bank heist

NEW DELHI: Hackers who tried to steal nearly $2 million from India’s City Union Bank this month used tactics similar to those employed in the unsolved cyber heist of $81 million from Bangladesh’s central bank in 2016, City’s CEO said on Monday.
The unknown hackers disabled the City printer connected to global payments platform SWIFT on Feb. 6, preventing the bank from receiving acknowledgement messages for three fraudulent payment instruction sent that evening until the next morning.
“Nobody suspected that it was an attack and thought it was a systemic network failure,” N. Kamakodi told Reuters by phone. “The system department people, everybody assembled, analyzed the problem, rebooted, they closed shop only around 10-10.30 in the night.”
The next morning, bank officials managed to reconcile the previous day’s transactions and found out “three transactions which were not originated from our bank.”
The bank had been able block only one of the transfers worth $500,000, while attempts were under way to retrieve the rest, he said. It first disclosed the heist on Saturday.
In the case of Bangladesh Bank, hackers infected the system with malware that disabled the SWIFT printer. Bank officials in Dhaka initially assumed there was simply a printer problem.
The hackers stole the money from Bangladesh Bank’s account at the Federal Reserve Bank of New York using fraudulent orders on SWIFT. The money was sent to accounts at Manila-based Rizal Commercial Banking Corp. and then disappeared into the casino industry in the Philippines.
Nearly two years later, there is no word on who was responsible and Bangladesh Bank has been able to retrieve only about $15 million, mostly from a Manila junket operator.
“We definitely see similarities between the Bangladesh case, and the similarities are being factored into the investigation,” Kamakodi said.
City Union, a small private lender based in south India, said the three money transfer instructions were sent via correspondent banks to accounts in Dubai, Turkey and China.


Apple China says it will push software update in bid to resolve Qualcomm case

Updated 14 December 2018
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Apple China says it will push software update in bid to resolve Qualcomm case

  • Apple will carry out the software updates at the start of next week to address the concern
  • A court found Apple infringed two patents held by the chipmaker and banned sales of older iPhone models

SHANGHAI/SAN FRANCISCO: Apple Inc. , facing a court ban in China on some of its iPhone models over alleged infringement of Qualcomm Inc. patents, said on Friday it will push software updates to users in a bid to resolve potential issues.
Apple will carry out the software updates at the start of next week “to address any possible concern about our compliance with the order,” the firm said in a statement sent to Reuters.
Earlier this week, Qualcomm said a Chinese court had ordered a ban on sales of some older Apple iPhone models for violating two of its patents, though intellectual property lawyers said the ban would still likely take time to enforce.
“Based on the iPhone models we offer today in China, we believe we are in compliance,” Apple said.
“Early next week we will deliver a software update for iPhone users in China addressing the minor functionality of the two patents at issue in the case.”
The case, brought by Qualcomm, is part of a global patent dispute between the two US companies that includes dozens of lawsuits. It creates uncertainty over Apple’s business in one of its biggest markets at a time when concerns over waning demand for new iPhones are battering its shares.
Qualcomm has said that the Fuzhou Intermediate People’s Court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models, from the 6S through the X.
Apple has said that all of its phone models remained on sale in mainland China and that it had filed a request for reconsideration with the court. All the models appeared to be available to buy on Apple’s China website on Friday.
Qualcomm, the biggest supplier of chips for mobile phones, filed its case in China in late 2017, arguing that Apple infringed patents on features related to resizing photographs and managing apps on a touch screen.