Thieves siphoned hundreds of millions of pesos out of Mexican banks, including No. 2 Banorte, by creating phantom orders that wired funds to bogus accounts and promptly withdrew the money, two sources close to the government’s investigation said. Hackers sent hundreds of false orders to move amounts ranging from tens of thousands to hundreds of thousands of pesos from banks including Banorte, to fake accounts in other banks, the sources said, and accomplices then emptied the accounts in cash withdrawals in dozens of branch offices.

One source said the thieves transferred more than 300 million pesos ($15.4 million). Daily newspaper El Financiero said about 400 million pesos had been stolen in the hack, citing an anonymous source.

It was not clear how much of the money transferred was later withdrawn in cash. Some of the attempts to fraudulently transfer funds were blocked, the sources said.

Source: Thieves suck millions out of Mexican banks in transfer heist | Reuters