A major French banking institution, Crédit Mutuel Arkéa, has disclosed that hackers stole approximately €100 million (about US$112.6 million) through fraudulent transactions in a sophisticated cyberattack targeting the bank’s own financial account.
The incident, which was detected earlier this week, has triggered a criminal investigation in France and raised fresh concerns about the growing cybersecurity threats facing financial institutions.
According to reports, the attackers gained access to the bank through the platform of one of its third-party service providers. They subsequently exploited the access to initiate fraudulent transfers from an account belonging to Crédit Mutuel Arkéa to accounts held at other banks.
The bank clarified that the attackers did not access individual customer accounts or withdraw money directly from customers’ deposits. It also rejected reports suggesting that its online banking subsidiary, Fortuneo, was the entry point for the attack.
Investigations into the movement of the stolen funds indicate that the money was transferred through several financial and cryptocurrency platforms.
Blockchain analysis reportedly showed that the attackers moved the funds through multiple cryptocurrency wallets and converted significant portions into digital assets, including Ethereum and DAI.
The movement of stolen funds into cryptocurrency has complicated recovery efforts, particularly where transactions pass through decentralised platforms that offer limited opportunities to freeze or reverse transfers.
However, the bank has confirmed that some of the funds involved have been blocked and that efforts are continuing to recover additional amounts.
Crédit Mutuel Arkéa has not yet confirmed the final financial loss, explaining that investigations and recovery efforts are still ongoing.
Following the discovery of the incident, Crédit Mutuel Arkéa activated its security response procedures and temporarily suspended certain transactions as a precautionary measure.
The decision resulted in delays in processing some customer transfers while the institution carried out security checks and implemented additional protective measures.
The bank subsequently confirmed that the incident had been contained and that almost all operations had resumed after enhanced security measures were introduced.
It also reassured customers that their funds and personal banking assets had not been affected.
French prosecutors have opened an investigation into the incident, with the country’s cybercrime police leading the investigation.
Authorities are expected to examine how the attackers gained access through the third-party service provider, how the fraudulent transactions were authorised and where the stolen money was transferred.
The bank has also notified relevant financial authorities, including the European Central Bank and French banking supervisors.
However, the identity of the third-party service provider involved has not been publicly disclosed.
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