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Pakistan’s BankIslami wins lawsuit against cyber hackers

The bank will receive $5million in compensations

SAMAA | - Posted: Sep 10, 2021 | Last Updated: 2 weeks ago
Posted: Sep 10, 2021 | Last Updated: 2 weeks ago

BankIslami has won a restitution lawsuit in the US against hackers who carried out a cyber-attack and laundered millions of dollars in 2018.

The hackers have been sentenced to 140 months in prison and fined $30million by a US court.

President of BankIslami Amir Ali confirmed the news to SAMAA and said that the bank will receive $5million out of the fine imposed on hackers. 

The incident took place in October 2018 when some customers of BankIslami received text messages, alerting them that they have withdrawn money. Noticing the abnormal transactions of Rs2.6 million, BankIslami blocked its international payment scheme on October 27.

It was a coordinated cyber-attack in which the payment network of BankIslami and the international payment scheme was compromised. Hackers made these transactions on international ATMs using cards issued by the bank.

The hackers had carried out several such attacks and stole data from several other banks around the world.

The case was initiated in the US when the US-Canadian leader of the hacker group was arrested After the incident, the State Bank of Pakistan instructed all commercial banks to ensure the security of all payment cards in the country and monitor usage of their cards, especially international transactions.

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