Cyber fraud at Axis bank swipes Rs.2 Crore
By MYBRANDBOOK
There is a cyber fraud happened in the Axis bank of over Rs 2 Crore after a platform that it provides cooperative banks to facilitate funds transfer was hacked. The fraud was reported in respect of an account pertaining to Dhule Vikas Sahakari Bank. In a respond Axis bank says, the system requires authorisation by a maker and a checker who both receive separate OTPs, means there are two separate persons- a maker and a checker and both of them will receive a separate one time-password . Dhule bank has said,that funds have been transferred without any OTP.
Experts says there are much chances of the bank database might have been compromised. With this many cooperative banks are at high risk. However, the Axis bank spokesperson says, we can confirm there has been no compromise of system.
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