State-owned Union Bank on Friday said it has successfully averted an attempted cyber theft in its USD Nostro account and there has been no loss. "There was an attempted cyber incidence in USD Nostro account of the bank. The money trail was promptly traced and movement of funds blocked. Resultantly, there is no loss caused to the Bank," the bank said in a regulatory filing.
Union Bank further said a cyber security forensic audit has been initiated to identify, plug any gaps and strengthen the system. "There is no impact on the bank's operations. All authorities concerned have been kept informed," it added.
A Nostro account is a bank account established overseas usually in the currency of that country for the purpose of carrying out transactions there. Most commercial banks maintain US dollar accounts with their correspondent banks in the US in order to facilitate settlement of inter-bank and customer transactions in the US dollar. The stock closed 3.36 per cent down at Rs 126.50 on BSE.