Bank hacking: is your money really safe in France?
After the hack of Crédit Mutuel Arkéa, which led to the embezzlement of more than 100 million euros, the security of French banks is being questioned. How do hackers bypass their defenses? Are customer deposits really…
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https://cryptoast.fr/piratage-banque-comptes-vides-cyberattack-protection-epargne/
At the beginning of November, hackers stole more than 100 million euros from Crédit Mutuel Arkéa, without touching its customers' deposits. Some of the embezzled funds have since been recovered.
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The attack, carried out via an external service provider, reveals a more general vulnerability, according to Anis Haboubi, cybersecurity expert interviewed by Cryptoast.
A single compromised provider provides trusted access inside.
With the rise of open banking and the cloud, banks are increasing the number of IT connections with external companies, sometimes with extended rights.
The historical systems are still there, the new cloud/API layers are added on top with service providers. This hybridization multiplies the entry points and the paths of trust.
One of the most worrying aspects of the Crédit Mutuel Arkéa affair is the fact that such large transfers were able to escape controls.
Anomaly detection systems are calibrated for typical customer behaviors or intrusions, not for an “authorized” flow that suddenly becomes massive.
Hackers can thus hijack legitimate access, a technique called living-off-the-land. Its precise use at Arkéa nevertheless remains to be confirmed.
An unauthorized banking transaction must in principle be reimbursed by the bank, barring legal exceptions, particularly in the event of fraud or serious negligence on the part of the customer.
If the establishment becomes unable to return the deposits, the Deposit Guarantee and Resolution Fund (FGDR) intervenes. It covers up to 100,000 euros per depositor per bank, generally within seven working days.
The Livret A, the LDDS and the LEP benefit from a separate State guarantee, also capped at 100,000 euros.
A cyberattack therefore does not automatically trigger this guarantee. On the other hand, distributing your savings between several establishments allows you to benefit from separate ceilings.
Machine-translated from French
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- Cryptoast9 Nov, 13:30Bank hacking: is your money really safe in France? ↗Figures: 100 millions
| Publisher Cryptoast (general tier) | +72 |
| Checkable figures cited | +3 |
| Detailed summary | +2 |
| Total | 77 |
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