Germany’s Deutsche Bank transfers €28 billion to an account by mistake

A couple of years ago, a massive bank heist was busted by Deutsche Bank in which hackers stole $1 billion from another bank. But now, German banking financial giant Deutsche Bank has made a blunder by “mistakenly transferring a whopping €28 billion ($34 billion) to one of its clients.

The money went to a bank account at the German clearing house Eurex, Europe’s largest derivatives market, to which a much smaller amount should have been transferred, which the entity does not detail.

According to Deutsche’s spokesman, the error occurred because of a “flaw” that has nothing to do with the operation of its computer systems.

In addition, it stated that no financial loss occurred, since the transfer was revoked in a few minutes, once the anomaly was detected.

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The transfer, for an amount that exceeds the value of the entity in the stock exchange, estimated at 24 billion euros, took place on March 16, a few weeks before John Cryan was replaced by Christian Sewing ahead of the bank on April 8.

Since his inauguration, Cryan has promised to improve Deutsche Bank’s risk management and control systems after calling the state of its computer systems “deplorable.”

Lucky for Deutsche Bank that the amount was not sent to some cybercriminal after falling for phishing scam since there has been a surge in attacks against banking and financial institutions.

Lately, malicious hackers have been targeting SWIFT (Society for Worldwide Interbank Financial Telecommunication code) financial messaging service in banks with malware and stealing whatever they can get their hands on.

However, these such attacks and scams are not limited to the financial sector. Earlier this month, an Italian football club was hit by a phishing scam and tricked into sending out €2 million euros to attackers.

Here are few tips which will help you identify and protect yourself from phishing scams in future.

Image credit: Depositphotos

Related: A Minor Typo Brought the Entire Internet Network of Amazon Down

Carolina

Carolina works for HackRead as a technical writer. She is a Brazilian traveller who has been to almost every country around the world. She has a keen interest in technology, gadgets and social media.