There was a time when stealing a family’s savings meant getting past its front door. 

A thief had to enter the house, find where the money was hidden, take it and escape without waking anyone. 

The arrival of banks changed that arrangement. 

Families deposited their savings in accounts, rented lockers for jewellery and important papers, and trusted financial institutions to protect what they had accumulated over years.

Digital banking has made money easier to access, but it has also created new ways for criminals to reach it. 

Today, someone can attempt to empty a bank account without entering a branch, meeting the depositor or even touching his phone.

A Kashmiri proverb captures the danger of putting a good thing to bad use: “hoonis chou nae gaive shropaan”. It means a dog cannot digest ghee. 

Internet banking has given the saying a modern setting. 

The same technology that allows a shopkeeper to pay a supplier after closing time can help criminals move money before a bank recognises an intrusion.

Recent incidents in different countries have exposed how vulnerable financial institutions can become when attackers gain access to their digital systems.

On November 5, Reuters reported that hackers had stolen around €100 million from Crédit Mutuel Arkéa, a French cooperative bank. 

The attackers used an account belonging to the bank to execute unauthorised transfers. The institution temporarily suspended some transactions and said its customers’ funds remained unaffected.

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The detail that needs particular attention is where the money moved. 

The attackers used........

© Kashmir Observer