Financial/Banking

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In April of 2018, three Mexican banks experienced what was described as security incidents while accessing its SPEI, which is the country’s interbank electronic transfer system. Cyber-criminal group, identified as Bandidos Revolution Team, were able to siphon hundreds of millions of pesos from several banks and the hack was recorded as the largest attack in the Mexican history. The breach kicked off when the thieves created phantom orders, which wired funds to fake accounts and later emptied via ATMs. The same group used those tactics as a North Korean cyber-crime syndicate whose attempts to rob $110 million in Mexico were short-lived by authorities in January 2018. According to Reuters, the problem had to do with software, which was developed by a third party to connect to the central bank’s SPEI interbank transfer system. Later on, the Mexican government were highly criticized for  failing to take the necessary steps to prevent the cyber-attack.