Mauritius bank SBM says unit's India operations hit by cyber fraud

Mauritius banking group SBM Holdings which also has operations in Kenya said on Wednesday that its Indian operations suffered a cyber-fraud earlier in the week, and that the bank has potentially lost up to Sh1.4 billion ($14 million).

State Bank of Mauritius recently acquired Chase Bank

SBM said that no loss had been caused to customers and that the Indian business operations would continue as normal.

SEE ALSO :Ills that make it hard to police banking industry

“The SBM Group remains well capitalised and has sufficient liquidity to continue to finance its future plans,” the company said.

SBM said that an internal inquiry had been initiated, with the Indian operations carrying out a full cybersecurity review. Recovery efforts are being pursued and SBM expects to recover a significant portion of the stolen sum.

We are undertaking a survey to help us improve our content for you. This will only take 1 minute of your time, please give us your feedback by clicking HERE. All responses will be confidential.

Chase BankSBM Holdings