Brief
India's CERT‑In warns banks of API credential theft
The advisory says attackers are stealing API credentials to trigger unauthorized fund transfers from Indian financial institutions.
By Felo News Desk · Published
India's national cybersecurity agency, CERT‑In, together with the financial sector response team CSIRT‑Fin, issued a critical advisory on Oct. 12 warning that cybercriminals are exploiting application programming interfaces (APIs) to steal money from banks.
The advisory explains that attackers compromise exposed applications and APIs, harvest payment‑related credentials, and then call fund‑transfer functions directly from the institutions' own systems. By doing so, they bypass typical safeguards such as loan approval, beneficiary verification, KYC requirements and transaction controls.
CERT‑In notes that the threat does not target core banking systems but rather “forgotten, poorly maintained, or weakly protected digital pathways” that connect to them. The agency likens these APIs to side doors in a building that receive less security attention.
The alert also highlights the use of AI‑assisted tools in recent incidents. While AI is helping organisations automate processes, the advisory says criminals are experimenting with AI to identify vulnerabilities and accelerate attacks. CERT‑In observed that the time between initial compromise and fraudulent fund transfers has shortened significantly.
Similar patterns have been reported in South Korea, where AI‑assisted cyber incidents affected financial institutions. Although no direct link has been established between the Indian and Korean cases, security experts see a global convergence of tactics.
The advisory urges financial institutions to review and harden API security, monitor for anomalous activity, and adopt AI‑driven detection where feasible.
Key facts
- CERT‑In and CSIRT‑Fin issued an advisory warning of API‑based fraud targeting Indian banks. (gulfnews.com)
- Attackers steal API credentials and call fund‑transfer functions, bypassing KYC and transaction controls. (gulfnews.com)
- The advisory cites AI‑assisted tooling accelerating attacks and reducing the time to fraud. (gulfnews.com)
- Similar AI‑assisted incidents have been reported in South Korea, though no direct connection is confirmed. (gulfnews.com)
Sources
- [1] gulfnews.com — originally reported as “When the invisible highway carries the money: A new cybersecurity wake-up call for financial services”
