Accounts in MetallInvestBank Could Be Hacked for Almost 700 Million Rubles

10.03.2016

Last several days Russian and foreign mass-media talk a lot over the information concerning the attempt to steal almost 700 million rubles from Metallinvestbank. According to refined data of the bank’s press service, it was indeed the case. To be precise, hackers intended to withdraw 667 million rubles.
The incident took place on February 29 when hackers prepared a massive attack in order to withdraw a large amount from a correspondent account at the Central Bank. According to bank’s representatives, during the attack funds were written off from correspondent accounts and transferred to other private accounts at different banks of the country.
Metallinvestbank employees took all the actions to stop the hacking attempt. According to the press service, one of the measures involved was cutting off Metallinvestbank from the settlement system of the Central Bank of the RF.
After the hacking attack and inspection held by bank employees it has become clear that clients’ money hasn’t suffered any damage. However, hackers have succeeded to transfer to dummy accounts around 200 million rubles. On the authority of the bank, hackers tried to withdraw no more than 1% of bank’s assets. As for bank’s losses as a result of the attack, they were less than the profit of the banking institution for two months of this year. In January and February 2016 Metallinvestbank brought in an income around 400 million rubles.
Press-service representatives also noted that the bank has succeeded to return part of stolen funds from the banks-recipients of the transfers. As for the remaining part, it remained in the frozen accounts of the banking institutions that received transfers to their clients’ accounts. At the same time the bank filed a police report to investigate the accident and seek out the guilty person.
According to preliminary information hackers have succeeded to break into the bank’s remote access system. It is observed that the existing algorithm allowed frauds transferring funds into prepared account for further cashing out.
Moscow police officials confirmed that they indeed had received a report. However, journalists haven’t succeeded to figure out the exact amounts and names of banks the funds had been sent to. The Main Directorate of the Ministry of the Interior noted that they had opened the case under the article of theft. As of now, an investigation is carried out in order to find frauds and disclose hacking methods.
It is worth noting that Metallinvestbank is a medium-scaled banking institution founded in 1993. Currently the bank keeps tight partnership with AMC companies - Amalgamated Metallurgical Company. The scope of activities of the organization includes billing and account management, as well as granting credits to corporate clients. Bank receives a significant part of income from operations in various markets: securities (stock) market, interbank lending and currency exchange market. The key feature of the institution is an impressive portfolio of retail loans. The major part of clients is represented by companies-members of AMC.
As of now, the major beneficiaries of the bank are: Anatoly Sedikh (he holds 70%), Eugeny Shevelev (18%) and the remaining share (12%) belongs to Valery Anisimov. All mentioned people are members of AMC management team and co-owners of the companies.
At the beginning of February this year bank’s assets were over 65 billion rubles. According to this number, bank ranks 89 in the list of Russian banks. По данному показателю банк находится на 89 месте в России. Capital volume of Metallinvestbank is 8.68 billion rubles while volume of debt instruments is over 29 billion rubles. Bank branches operate in many Russian cities, including Perm, Novosibirsk, Nizhniy Novgorod, Rstovo, Murom, Rossoshi and many others.


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