Security incident at Commerzbank: Criminals debit millions from customer accounts

Security incident at Commerzbank: Criminals debit millions from customer accounts

According to a report by www.golem.de, there was a security incident at Commerzbank in which criminals managed to debit a total of tens of millions of dollars from the bank accounts of more than 100 customers. The perpetrators allegedly misused Girocards with Maestro – a debit card service from Mastercard that enables cashless payments abroad. However, Commerzbank stated that affected customers will not suffer any damage as the bank will correct the bookings.

The security hole has reportedly already been closed. The service provider that manages Commerzbank's Maestro Girocards confirmed that it had become the target of a fraud case involving Maestro payments. The exploited vulnerability was closed immediately after the malicious activity was discovered. Neither Commerzbank nor Bank-Verlag have yet commented on the exact amount of the damage or the question of who will ultimately cover the damage.

This is not the first bank attack this year. Targobank was also the target of criminal activity, attempting to access the online banking of thousands of customers. In addition, a data leak in Majorel's account switching service led to the theft of personal data from customers of Deutsche Bank, ING, Comdirect and Postbank.

As a financial professional, it is important to emphasize that such security incidents not only undermine customers' trust in banks and financial services, but also have serious financial implications. Customers could withdraw their money from affected banks, which could lead to a liquidity shortage for the banks. In addition, loss of reputation and legal consequences could cost the affected institutions dearly. It is critical that banks and financial services providers continue to invest in robust security systems to prevent such incidents and maintain customer trust.