Assignment-1
Subject: Cyber Crime and Investigation Techniques
Topic: Case Study on Banking Fraud
Objective:
The purpose of this assignment is to enhance your understanding of banking fraud, its
impact on the inancial ecosystem, and the investigative techniques used to address such
crimes. By analysing real-world cases and applying theoretical concepts, you will gain
insight into prevention strategies and regulatory measures.
Instructions:
1. Research and Analysis
o Select a speci ic case of banking fraud, preferably related to Indian banks.
o Provide a brief overview of the case, including details of the fraud,
methods used, and its impact.
2. Investigation and Legal Framework
o Discuss the tools and techniques used in the investigation process.
o Analyse the legal and regulatory frameworks applicable in India to
address banking fraud.
3. Prevention and Recommendations
o Propose measures that could have prevented the fraud in your case study.
o Suggest actionable strategies for banks and customers to minimize the
risk of fraud in the future.
4. Ethical Considerations
o Examine the ethical responsibilities of banks, investigators, and customers
in handling banking fraud.
5. Submission Format
o Prepare a report (1,500–2,000 words) with the following sections:
Title Page: Include the title, your name, roll number, and date.
Introduction: Brief overview of banking fraud and its signi icance.
Case Study Analysis: Details and investigation of the selected
fraud case.
Discussion: Legal, ethical, and technical aspects of the case.
Recommendations: Strategies for prevention and mitigation.
Conclusion: Summarize key indings and learnings.
References: Cite all sources in APA format.
6. Presentation (Optional)
o Prepare a 5-minute presentation summarizing your indings.
Select a one Topic from each of the following. No two students should take same Topic:
1. Cosmos Bank Cyberattack (2018)
Amount: ₹94 crore
Details: Hackers planted malware in the bank’s system to compromise the server and
clone debit cards. They withdrew funds globally using ATMs and conducted fraudulent
SWIFT transactions.
2. Canara Bank ATM Hack (2018)
Amount: ₹20 lakh
Details: Cybercriminals exploited the vulnerability in the ATM server at Canara Bank to
clone over 300 debit cards and siphon funds from customer accounts.
3. Axis Bank Malware Attack (2016)
Amount: Undisclosed
Details: A malware attack was detected in the bank's servers. Although no signi icant
loss was reported, the incident raised concerns about cybersecurity in Indian private
banks.
4. Indian Bank SWIFT System Hack (2018)
Amount: ₹10 crore
Details: Cybercriminals targeted the SWIFT messaging system used for international
fund transfers. Fraudulent messages were sent to overseas banks to transfer funds.
5. Union Bank of India SWIFT Cyberattack (2016)
Amount: $171 million attempted (funds recovered)
Details: Hackers gained unauthorized access to the bank’s SWIFT system to initiate
fraudulent international transactions. Prompt action prevented signi icant losses.
6. ATM Jackpotting Attack (Various Banks, 2018)
Amount: ₹2 crore (approx.)
Details: Cybercriminals used jackpotting techniques to install malware on ATMs, forcing
them to dispense cash without authorization. This targeted multiple banks across India.
7. City Union Bank Cyber Heist (2018)
Amount: ₹12 crore
Details: Hackers in iltrated the bank’s SWIFT system to transfer funds to accounts in
multiple foreign countries. Some funds were later recovered.
8. Andhra Pradesh Cooperative Bank Cyber Fraud (2020)
Amount: ₹2 crore
Details: Cyber attackers exploited weak security protocols to transfer funds
electronically to multiple fraudulent accounts.
9. ATM Skimming Frauds (Multiple Banks)
Amount: Varies (frequent cases)
Details: Cybercriminals installed skimming devices and cameras on ATMs to steal card
details and PINs. These details were then used to make unauthorized transactions.
10. HDFC Bank Phishing Attack (2019)
Amount: ₹45 lakh
Details: Fraudsters sent phishing emails to customers pretending to be from HDFC
Bank. They tricked customers into sharing con idential details, leading to unauthorized
transactions.
11. Punjab and Maharashtra Co-operative (PMC) Bank Cyberattack
(2021)
Amount: Undisclosed
Details: The bank faced a cyberattack where hackers attempted to manipulate internal
systems. Although no signi icant monetary loss was reported, it exposed vulnerabilities
in cooperative banks.
12. Paytm Payments Bank Data Breach (2020)
Amount: Data breach; inancial loss undisclosed
Details: Cyber attackers compromised customer data and exploited digital wallets for
unauthorized transactions, showcasing the risks in digital payment systems.
