PARIS, Nov 5 – French banking group Crédit Mutuel Arkéa has suffered a cyberattack that resulted in money being stolen from its accounts, raising fresh concerns about the security of financial institutions.
The bank confirmed that hackers had accessed its computer systems and carried out fraudulent transactions. However, it did not immediately disclose the exact amount stolen.
Following the incident, the bank temporarily suspended some transactions while working with authorities and security specialists to investigate the breach.
Crédit Mutuel Arkéa said the situation was under control and reassured customers that their personal accounts and assets were not affected.
Hackers Exploited a Third-Party Service Provider
Initial information indicated that the attackers gained access through the platform of an external service provider.
The hackers reportedly used the bank’s own account to transfer funds to other financial institutions.
The bank clarified that the incident did not originate from its online banking subsidiary, Fortuneo.
Some transfers were temporarily delayed as additional security checks were carried out. The bank also said that part of the affected funds had been blocked while recovery efforts continued.
Reported Losses Have Not Been Fully Confirmed
Reports have placed the potential financial loss at around €118 million, equivalent to approximately US$133 million.
However, Crédit Mutuel Arkéa has not officially confirmed this figure.
The bank said investigations were continuing and that the authorities had been informed. It also worked to restore normal operations after introducing additional security measures.
Cyberattacks Continue to Threaten Financial Institutions
The incident highlights the growing risks faced by banks and other financial organisations as they rely increasingly on digital systems and external technology providers.
Other financial institutions have also faced cybersecurity incidents involving stolen information, unauthorised access and fraudulent transactions.
UBS Group chief executive Sergio Ermotti recently warned that cyber risks were increasing rapidly as technology advanced.
He stressed the importance of strong governance, clear accountability and the ability to respond quickly to cyber threats.
Bank Continues Investigation Into Security Breach
Crédit Mutuel Arkéa has been working with the relevant authorities to investigate how the attackers accessed its systems and transferred the money.
The incident also highlights the importance of securing third-party service providers, as weaknesses in external platforms can create risks for major financial institutions.
For now, the bank has said the attack has been contained, while efforts to recover the affected funds and complete the investigation continue.
Source : The Star | Rewritten By Minutesmy
