Spandana Sphoorty Financial reports Rs 7.80-cr cyber fraud incident

Mumbai, Nov 2 (PTI) Microlender Spandana Sphoorty Financial on Monday disclosed a cyber fraud incident involving unauthorised transactions of Rs 7.80 crore debited from one of its bank accounts on November 1.

The company said the unauthorised transactions of approximately Rs 7.80 crore were transferred to 82 beneficiary accounts, as per an exchange filing.

After identifying the cyber fraud incident, the company immediately stopped the affected services in its production environment.

The matter was reported to the bank with a request for transaction reversal, freezing of beneficiary accounts, and a detailed investigation, the release said.

A complaint has also been registered with the National Cyber Crime Reporting Portal and with other appropriate

authorities, it added.

The lender has cyber fraud insurance, and a claim is being filed with the insurance company, the disclosure said.

On Monday, shares of Spandana Sphoorty Financial ended 2.23 per cent down at Rs 184.50 a piece on the BSE.

It can be noted that the last few weeks have seen a slew of cyber incidents at lenders. PTI MSU AA BAL

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