Spandana Sphoorty hit by ₹7.8 crore cyber fraud across 82 accounts

Spandana Sphoorty Financial Limited, a major microfinance lender, has reported a significant cyber fraud totalling ₹7.8 crore affecting 82 accounts. The company detected unauthorised transactions made from one of its bank accounts on November 1, triggering an immediate investigation into the breach.

In response to the incident, Spandana Sphoorty has filed a formal complaint with relevant authorities and initiated fund recovery operations. The lender has specifically requested the freezing of all beneficiary accounts linked to the fraudulent transactions to prevent further movement of funds and to facilitate recovery efforts.

The incident highlights the growing security challenges faced by financial institutions operating in the microfinance sector. As one of India's prominent microfinance providers serving underserved populations, Spandana Sphoorty's experience underscores the need for robust cybersecurity measures across the lending industry.

The company has not disclosed additional details regarding the suspected source of the cyber attack or the mechanisms employed by the perpetrators. Authorities are expected to conduct a detailed forensic investigation to identify the actors responsible for the breach and to recover the defrauded amount.