A gang of Chinese hackers stole $5 million from a Chinese bank account of Ryanair by using electronic fund transfer. The hackers were successful in using the method of electronic fund transfer in a fraudulent manner and stole the money which is equivalent to £ 3.25 million.
The hack is suspected to have been taken place last week and not much is known about how it took place. According to ‘The Irish Times’, which in a report stated that it was done by a group of Chinese hackers. It was further reported that the account is used by Ryanair to make payments for fuel their fleet of over 400 aircraft. Therefore, when the transfer of the funds took place, it was assumed by the airlines officials that the transfer was made to buy fuels and hence it went undetected for a while, since the airlines officials did not suspect anything unusual.
It is still not clear whether the airlines used there Chinese bank account for making payments for fuels regularly but the hackers were able to gain access to the funds using a Chinese bank account. Run by Michael O’Leary, Ryanair is a low cost Dublin airline. The scam was detected by the airline last Friday and they have requested the Criminal Assets Bureau (CAB) in Dublin for their help in recovering their stolen funds.
The news of the hack was confirmed by Ryanair on Tuesday but it refused to divulge any further details since the matter is now under legal investigation. However, the airline confirmed that they have put measures in place to avoid any such instances from reoccurring In future. The airline in a statement said that they are working with the relevant authorities and their bank and that the funds which are just under $ 5 million have been frozen. They are expecting repayment of these funds shortly and that they will take necessary steps to avoid such instances in future.