Cyber Fraud Did Not Affect Clients – RAKBANK


National Bank of Ras Al Khaimah (RAKBANK) was the victim of a cyber-fraud attack last year and resulted in losses for the bank which amounted to millions of dollars. A global cybercrime ring nearly stole $45 million from RAKBANK and Bank of Muscat of Oman. They took advantage of credit card processing firms and withdrew money from ATM machines in around 27 countries.

RAKBANK stated that it is not the only bank that has been attacked. There are other banks around the world particularly in the United States who have been a victim too. The loss to the RAKBANK is around 4.7 million dirhams which is equivalent to around $4.7 million. $1 is equal to 3.673 UAE dirhams according to the recent exchange rates. The bank claims that the loss has been fully covered before the closing of the 2012 books and there is no concern or worry for the clients.

No Harm Done

“The Bank can confirm that none of its customers suffered any financial loss as a result of this fraud,” the CEO of the bank Graham Honeybill commented. He assured the public and the account holders that they need not worry and should not panic, their money is safe and secure in the accounts and they have not suffered any loss. The bank has borne the brunt of this attack.

The events were not fully disclosed and neither the details provided but it was claimed that the incident related back to December 2012 and involved the Indian service provider of the bank. The source was kept anonymous.

Speedy Justice

The U.S justice department claimed that the men behind this crime organization have been identified. This came on Thursday and the department claims that of the eight accused, seven have been arrested. The eight remaining criminal is reported dead according to certain reports. He was considered the leader of the New-York based crime organization and it is believed that he has been murdered in the Dominican Republic on the 27th of April. It is stated that the global ringleaders are outside the United States soil but the prosecutors have declined any knowledge and this also states that the investigations are still underway.

The CEO of RAKBANK said, “We are given to understand that the overall fraud encompassed a number of banks not only in the Middle East but in the USA and other countries.” This indicates the fact why the United States is keen on taking swift action against the incident and is bent upon rounding up the members and eliminating the threat.

How Was It All Possible

Brooklyn US Attorney Loretta Lynch said, a massive 21st-century bank heist carried out by masterminds. They looted the banks via ATM machines a matter of hours. With such speed it is a bit appalling to consider the imminent threat this situation poses to us and the banks around the world in general. It was possible by using magnetic bogus swipe cards which carried information from Middle Eastern banks. The blame is on the outdated card technology and the lack of sophistication and security measures that enabled this attack to take pace.

Sources claim that these criminal were caught via surveillance cameras where one suspect was carrying a heavy backpack loaded with cash. The others were taking pictures of themselves showing of their loot across Manhattan.


About Author

Usama Batavia

Usama Batavia is an experienced Freelancer in the field of technical and creative writing. He is also a Social Media Expert. With love and devotion towards the world of technology, he has been writing for The Tech Articles ever since and has never looked back.

Comments are closed.