Fraudsters hack into BIN; swindle Rs 3.6 cr from Amex

In a major online transaction fraud, criminals hacked into the Bank Identification Number (BIN) of American Express Bank and transferred Rs 3.6 crore to different accounts within two days.

The cybercrime wing of Criminal Investigation Department has registered an FIR following a complaint filed by Manjunath Ambale, a member of a legal team of the bank on Wednesday and are investigating the case by registering a case under cheating and also under various sections of the IT Act.

Ambale stated that, between September 2 and 4, some unknown persons hacked the BIN of the American Express Bank and made total 7,552 successful fraudulent transactions to the tune of Rs 3.61 crore by using companies merchants website.

The fraud came to light after several customers raised complaints, following which the staff conducted an inquiry.

The preliminary inquiry revealed that the online illegal transactions were made through the payment gateway. However, officials have sought transaction records to track down accounts that received the money.