Hackers arrested over €30M bank fraud exploiting service provider flaw

Four cybercriminals were arrested in Brazil, and three others were charged in Europe over allegations that they exploited a vulnerability at a service provider, allowing them to withdraw funds from Commerzbank customers’ bank accounts.

The theft, investigated by the Brazilian and German federal police agencies, occurred over four days in November 2023 and caused losses of around €30 million ($34.6 million).

While neither the Brazilian Federal Police nor Germany's BKA named the affected German financial institution, Brazilian media identified it as Commerzbank, a major European financial institution that generates more than €11.1 billion ($12.8 billion) in annual revenue.

In a statement for BleepingComputer, the bank confirmed that its clients were impacted by the fraudulent activity but customers suffered no financial losses.