Watch: BOV hackers' €13m in transactions 'being reversed' - Muscat

A cyber attack on Bank of Valletta on Wednesday involved the creation of false international payments that saw €13 million transferred to banks in four countries, Prime Minister Joseph Muscat told parliament. “That money did not come from the people’s money and the amounts have been traced and are being reversed,” Dr Muscat said in a statement. He said that at a meeting with the bank’s management he had been given an account of developments through the day and assured that depositors’ accounts were safe. The attack was detected soon after the start of business on Wednesday when discrepancies were noticed during reconciliation of international transactions. Shortly after, the bank was informed by the Security Service that it had received information that the bank had been the target of a cyber attack originating abroad. Within half an hour the bank stopped international payments made to four countries - the UK, the US, the Czech Republic and Hong Kong. The bank asked its correspondent banks to stop payments and reverse payments which may have already been made. In order to minimise risk and review its systems, the bank then suspended operations. The National Cyber Security...