Latest news with #C&M
Arab Times
05-07-2025
- Business
- Arab Times
Police in Brazil arrest suspect over $100M banking hack
SAO PAULO, July 5, (AP): Police in Brazil arrested a suspect in connection with a cyberattack that diverted more than 540 million Brazilian reais (about $100 million) from the country's banking systems, authorities said Friday. The breach affected Brazil's widely used instant payment system, known as PIX, which is used by 76.4% of the population. Hackers targeted C&M, a software company that connects financial institutions to the Central Bank to enable PIX transactions. Police in Sao Paulo said the $100 million loss refers to just one financial institution that worked with C&M and total losses could be even higher. Officials identified the suspect as João Roque, a C&M employee who worked in information technology and allegedly helped others gain unauthorized access to PIX systems. According to police, Roque told investigators he sold his credentials to hackers who recruited him earlier this year. The Associated Press could not immediately reach his lawyers. After breaching the company's system, hackers carried out massive fake PIX operations. The fraud took place in a single night and did not affect clients - only financial institutions contracted with C&M. Police are now trying to identify other members of the group and said at least four more people participated in the cyberattack. They are also tracking and attempting to freeze suspected assets. So far, authorities have blocked 270 million reais linked to the scheme. Brazil's Central Bank said Thursday that it suspended part of C&M's operations after the company took measures to reduce the risk of further attacks. C&M said in a statement published by local media that it is cooperating with authorities and that preliminary evidence indicates the breach stemmed from unauthorized access to security credentials through social engineering, not from flaws in its systems.
The Hindu
03-07-2025
- Business
- The Hindu
Cyberattack on Brazil tech provider affects reserve accounts of some financial institutions
Brazil's central bank said on Wednesday that technology services provider C&M Software, which serves financial institutions lacking connectivity infrastructure, had reported a cyberattack on its systems. The bank did not provide further details of the attack, but said in a statement that it ordered C&M to shut down financial institutions' access to the infrastructure it operates. C&M Software commercial director Kamal Zogheib said the company was a direct victim of the cyberattack, which involved the fraudulent use of client credentials in an attempt to access its systems and services. C&M said critical systems remain intact and fully operational, adding that all security protocol measures had been implemented. The company is cooperating with the central bank and the Sao Paulo state police in the ongoing investigation, added Zogheib. Brazilian financial institution BMP told Reuters that it and five other institutions experienced unauthorised access to their reserve accounts during the attack, which took place on Monday. BMP said the affected accounts are held directly at the central bank and used exclusively for interbank settlement, with no impact on client accounts or internal balances. BMP added it has taken all necessary operational and legal steps and holds sufficient collateral "to fully cover the impacted amount, without any harm to its operations or business partners." An official familiar with the ongoing investigation, who spoke on condition of anonymity, said C&M provides services to around two dozen small financial institutions, and the amounts involved in the attack do not reach into the billions of reais. Another source said there were no losses suffered by clients. The central bank has used the term "financial institutions lacking their own connectivity infrastructure" to refer to digital payment institutions, which have grown rapidly in Latin America's largest economy, boosted by innovations driving competition in the sector. For instance, the Pix instant payment system, developed and operated by the central bank, was launched in late 2020 and has become the most widely used payment method in the country.
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Business Standard
02-07-2025
- Business
- Business Standard
Cyberattack on Brazil tech firm hits reserve accounts of financial firms
Brazil's central bank said on Wednesday that technology services provider C&M Software, which serves financial institutions lacking connectivity infrastructure, had reported a cyberattack on its systems. The bank did not provide further details of the attack, but said in a statement that it ordered C&M to shut down financial institutions' access to the infrastructure it operates. C&M Software commercial director Kamal Zogheib said the company was a direct victim of the cyberattack, which involved the fraudulent use of client credentials in an attempt to access its systems and services. C&M said critical systems remain intact and fully operational, adding that all security protocol measures had been implemented. The company is cooperating with the central bank and the Sao Paulo state police in the ongoing investigation, added Zogheib. Brazilian financial institution BMP told Reuters that it and five other institutions experienced unauthorized access to their reserve accounts during the attack, which took place on Monday. BMP said the affected accounts are held directly at the central bank and used exclusively for interbank settlement, with no impact on client accounts or internal balances. BMP added it has taken all necessary operational and legal steps and holds sufficient collateral "to fully cover the impacted amount, without any harm to its operations or business partners." An official familiar with the ongoing investigation, who spoke on condition of anonymity, said C&M provides services to around two dozen small financial institutions, and the amounts involved in the attack do not reach into the billions of reais. Another source said there were no losses suffered by clients. The central bank has used the term "financial institutions lacking their own connectivity infrastructure" to refer to digital payment institutions, which have grown rapidly in Latin America's largest economy, boosted by innovations driving competition in the sector. For instance, the Pix instant payment system, developed and operated by the central bank, was launched in late 2020 and has become the most widely used payment method in the country.
Time of India
26-04-2025
- Automotive
- Time of India
Highways chief engineer inspects formation of Western Ring Road in Coimbatore
Coimbatore: KG Sathyaprakash, chief engineer, highways (construction and maintenance wing), on Saturday inspected the formation of the Western Ring Road in Coimbatore district. H Ramesh, superintending engineer (C&M) Coimbatore, and A Gnanamoorthy, divisional engineer, accompanied the chief engineer. The chief engineer also inspected the vehicular underpass (VUP) on the Salem-Kochi Road and reviewed the upcoming VUP. He inspected 11km of roadwork, checked DBM (Dense bituminous macadam) thickness and instructed officials to expedite work. The entire length of the Western Ring Road would be 32.42 kms. The project requires acquisition of 143 hectares comprising 119.97 hectares of private land and 23.03 hectares of govt land. The state govt has sanctioned Rs 320 crore for land acquisition. The road construction work would cost the govt another Rs 525 crore.
