Mexico acknowledges banks were hacked; losses unknown

May 15, 2018

Mexico established a one-day waiting period on electronic money transfers of over $2,500 in the wake of a hacking attack that may have taken as much as $20 million from several Mexican banks.

It was the latest in a string of embarrassments for the Mexican banking system, which has seen slowdowns in e-payment, debit card transactions and transfers since late April.

The head of the country's , Alejandro Diaz de Leon acknowledged late Monday that a "cyberattack" was involved in shadowy transfers of between $18 million and $20 million.

The central bank issued a memo Monday saying banks could opt to immediately pay out transfers for customers they know and trust, but would impose a one-day wait period for others.

The head of the country's bankers' association told local media Tuesday that the hackers had apparently duplicated valid settlement payments between banks, with one copy going to the intended recipient and the other going to account set up by hackers.

Few expected authorities to be so unprepared. Security breakdowns were first detected on April 27, but by Monday, authorities were still not sure how much had been taken. They said some of the fake transfers were caught before they could go through.

But it was also revealing that the central bank did not have a cybersecurity division until Tuesday, when one was created by decree.

Mexican depositors won't be affected, but the banks themselves could take a hit on the missing money.

Explore further: Hackers divert funds from Mexico banks, amount unclear: official

Related Stories

Central banks warned to weigh risks of virtual currencies

March 12, 2018

A global financial body warns central banks should carefully weigh the risks before introducing their own virtual currencies, saying such innovations could risk destabilizing banking systems and unleash disruption across ...

Central banker takes stab at bitcoin 'bubble'

February 6, 2018

The head of the Bank of International Settlements, the central bank for central banks, on Tuesday lambasted bitcoin as a speculative bubble and said authorities need to be ready to protect public trust in the financial system.

Big US banks unveil consumer payment app

October 24, 2016

Major US banking groups Monday announced they would join forces for a new person-to-person mobile payment application to counter services like PayPal's Venmo and Square Cash.

Recommended for you

Technology near for real-time TV political fact checks

January 18, 2019

A Duke University team expects to have a product available for election year that will allow television networks to offer real-time fact checks onscreen when a politician makes a questionable claim during a speech or debate.

Privacy becomes a selling point at tech show

January 7, 2019

Apple is not among the exhibitors at the 2019 Consumer Electronics Show, but that didn't prevent the iPhone maker from sending a message to attendees on a large billboard.

China's Huawei unveils chip for global big data market

January 7, 2019

Huawei Technologies Ltd. showed off a new processor chip for data centers and cloud computing Monday, expanding into new and growing markets despite Western warnings the company might be a security risk.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.