French banking group Crédit Mutuel Arkéa has suffered a cyberattack that resulted in the theft of around €100 million, according to Reuters.

The bank has not confirmed the exact losses but acknowledged the approximate scale of the reported theft.

Some of the affected funds have been blocked, while recovery efforts are ongoing.

The attackers gained access through a third-party service provider’s platform and used Crédit Mutuel Arkéa’s own account to transfer funds to other financial institutions.

Some of the money may subsequently have been converted into cryptocurrency.

The group clarified that the attackers did not gain entry through its online banking subsidiary Fortuneo or use customer accounts to carry out the fraudulent transactions.

Following the attack, Crédit Mutuel Arkéa temporarily suspended certain transactions to prevent further fraudulent activity.

It notified the relevant regulatory and supervisory authorities.

Customer Assets Unaffected by Attack

Almost all operations resumed on 4 November after the bank completed security checks and introduced additional safeguards.

The group confirmed that customer assets were unaffected, although some transfers experienced delays.

It maintained that the financial losses would not threaten its financial stability.

Crédit Mutuel Arkéa described the incident as a sophisticated external attack and ruled out human error within the bank.

The group is working with police and judicial authorities to determine the attack’s origin and how it was carried out.

It warned customers to remain vigilant against potential phishing attempts but did not directly address whether customer data had been compromised.

Featured image: Edited by Fintech News Switzerland, based on image by smilephotoap via Magnific