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Bank of Valletta may never be able to retrieve the entire €13 million stolen during Wednesday’s cyberattack because reversing such transactions was no easy feat, Times of Malta has been told. Speaking a day after the bank was forced to temporarily shut doNot all money stolen in BOV cyberattack may be found
Bank of Valletta may never be able to retrieve the entire €13 million stolen during Wednesday’s cyberattack because reversing such transactions was no easy feat, Times of Malta has been told. Speaking a day after the bank was forced to temporarily shut down all its operations after it identified a breach, chief business development officer Kenneth Farrugia said that although the 11 transactions made by the hackers had been immediately traced it was not as straightforward to actually reverse the transactions to get the money back. “We know where the money went and into which banks but what happened at that touchpoint we do not have the visibility to know. “It’s not simply a matter of asking the banks for the money to be reversed. It does not work like that and there are banking procedures that have to be implemented,” Mr Farrugia said. He would not even give an indication of how much, if any, of the stolen money had already been retrieved, insisting it was “still too early”. Neither would he go into whether the bank had any information on how much it could eventually get back. All of the bank’s operations – branches, ATMs, mobile banking and even e-mail services –were suspended... Read more