How prepared is your organization to respond to a financial cyberattack in real time? This case study reveals how a hacking infiltration led to fraudulent transactions exceeding USD 40 million—and how an expert verification of losses was essential to recovering value.
A High-Impact Coordinated Attack
A Latin American bank, with operations covering large corporations, SMEs, and personal banking, fell victim to a sophisticated cyberattack:
- Infiltration via malware
- Theft of credentials (usernames and passwords)
- Execution of 15 fraudulent SWIFT transfers
- More than USD 40 million transferred in just 30 minutes
A critical alert, triggered by an incorrect reference code, allowed security systems to be activated. The bank managed to recover USD 30 million, but the financial and reputational risk had already materialized.
Validating Losses to Activate the Policy
In this scenario, the challenge was not only to contain the fraud but also to:
- Accurately validate losses to support an insurance claim.
- This is where independent, technical, and documented verification becomes critical.
Comprehensive Financial Loss Verification
At Baker Tilly, we executed a rigorous forensic and loss verification approach focused on ensuring the full traceabilityof the fraud:
- Analysis of Compromised Controls: Evaluation of breached system points and review of technological and operational controls.
- Exhaustive Documentary Validation: SWIFT messages, fraudulent transaction logs, receiving bank statements, and the bank's accounting records.
- Reconciliation and Claim Support: We cross-referenced every operation to guarantee that the claimed losses were fully supported and verified.
Precision that Protects Value
Thanks to this process:
✔ Losses were validated with solid evidence ✔ Claim consistency was guaranteed ✔ The bank’s position before the insurer was strengthened
Final result: the bank received an indemnity of USD 10 million, corresponding to its policy limit.
Detecting Fraud is Not Enough; You Must Prove It
This case demonstrates that effective cyber-fraud management does not end with containment but with the ability to document and recover the financial impact. Financial organizations need to go beyond cybersecurity:
- Strengthen incident response processes.
- Have access to financial forensic experts.
- Ensure robust insurance claim mechanisms.
Is your organization prepared for the next cyberattack? In an environment where attacks are increasingly fast and sophisticated, the difference lies in the capacity for response and recovery.
At Baker Tilly, we help you investigate financial and cyber fraud, verify losses with technical backing, strengthen controls, and maximize recovery through insurance. Contact us and protect your organization's value before, during, and after an incident.
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