S-Bank Fined €7.7m for Allowing Customers to Access Others' Accounts, Illegally Transfer Funds

S-Bank fined €7.7m for security flaw enabling customer account breaches

Finland’s Financial Supervisory Authority (FIN-FSA) has fined S-Bank €7.7 million after a programming error in 2022 allowed some customers to access other users' bank accounts. Criminals exploited the flaw to make illicit transfers worth approximately €1.3 million. The breach, active between April and August 2022, also resulted in more than 50 fraudulent transactions and around 150 suspected data breaches, according to law enforcement.

S-Bank fined €7.7m for allowing customers to access others' accounts, illegally transfer funds

Fraudsters made around 1.3 million euros' worth of illicit transfers.

The Financial Supervisory Authority has imposed a penalty of almost 8 million euros on S-Bank. In addition, the Financial Supervisory Authority has issued a public warning to the bank for its negligence regarding strong authentication and the payer's consent required for the execution of payment transactions.