'Heist of a new kind': AI-enabled scam reportedly managed to steal $110 million from French bank
That's reportedly one quarter's profits for the bank.
A French bank, Crédit Mutuel Arkéa, lost $110 million in a sophisticated AI-enabled hacking attempt, according to their chair, Julien Carmona, who spoke with AFP. Carmona described this as "a heist of a new kind," stating it to be the first French bank and possibly the first European bank to suffer such a fraudulent attack. The hackers created fake IBANs, including those from Fortuneo, a bank owned by the group, to trigger payment orders from Crédit Mutuel Arkéa's own account to external parties using instant payment systems. Fortuneo's system and customers remained unaffected by the breach.
The attackers utilized a compromised service provider to gain privileged access, bypassing restrictions intended to prevent such an incident. They meticulously worked to circumvent controls starting from Sunday, November 1, making the fraudulent transfers appear legitimate. The scheme concluded on Tuesday, November 3, when the bank's information system was cut off, rendering the damage irreversible.
The French bank has since enlisted crypto specialists who, upon reviewing transactions, noticed the irregular activity on Sunday and Monday. However, the bank and others were not immediately able to connect the dots between the hack and Crédit Mutuel Arkea. Carmona characterized the hacking group as "a very well-organised, very well-equipped criminal group" that was likely aided by advanced artificial intelligence.
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