Third largest Turkish bank Akbank to lose $4 million as a result of SWIFT hack

16 December 2016

AkbankLast week third largest by assets bank in Turkey Akbank was attacked by hackers through the global transfers processing system SWIFT which would cost to the bank up to 4 million US dollars. The cyber attacks continue their plague across the banking space since the calamitous compromise of the Bangladesh central bank in February that turned out as 81 million US dollars loss.

The bank provided no further details on how much money have been defrauded out of their accounts but Akbank authorities assured that the customers won’t suffer from the incident. They gave no other information except confirming the hack was committed through SWIFT system on December 8.

Bank officials made a statement this week trying to pour oil on waters and reassure the public that Akbank has taken proactive measures to prevent further attacks and has cooperated with the authorities over the cyber crime, adding that there will be no loss for the customers.

The statement noted that while the hacker attack had no impact on the bank’s operations the maximum risk for it will amount up to 4 million US dollars, and any potential damages may be recovered by insurance.

Meantime, Belgium-based money transfer provider SWIFT made their own statement saying that no facts show that there have been any massive compromise of their network or messaging services. Since its inception in early 70s of the last century SWIFT has been deemed a safe way of money transfers.

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