Irish budget airline Ryanair has recovered about $5 million (€4.6 million) after it took off from one of its bank accounts, lifted by cyber-criminals.
The funds were fraudulently removed last year via electronic transfer to a Chinese bank, according to sources speaking to The Irish Times—from a bank account that it uses to buy fuel for its 400-plus Boeing 737-800 aircraft. The Criminal Assets Bureau in Dublin was asked to assist in the recovery of the funds.
“Ryanair confirms that it has investigated a fraudulent electronic transfer via a Chinese bank last week,” the airline said in a statement to the paper. “The airline has been working with its banks and the relevant authorities. The airline...has taken steps to ensure that this type of transfer cannot recur.”
It added, “As this matter is subject to legal proceedings, no further comment will be made.”
The Times reported that sources said that CAB traced the money in conjunction with other parts of the Camden Assets Recovery Interagency Network, which works on informal cross-border and interagency co-operation within the European Union and elsewhere. It likely also worked with the Asset Recovery Interagency Network Asia Pacific, based in Korea.
A statement issued to Infosecurity by Ryanair said: "In April 2015, Ryanair confirmed that it was investigating a fraudulent electronic transfer to a Chinese bank for a sum of under $5m. In August 2015, Ryanair successfully recovered these funds in full. Steps have been put in place to ensure that such a transfer cannot recur.”
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