Irish Eyes Not Smiling on Ryanair as $5M Fraudulently Takes Off

Irish Eyes Not Smiling on Ryanair as $5M Fraudulently Takes Off

Irish budget airline Ryanair has seen about $5 million (€4.6 million) take off from one of its bank accounts, lifted by cyber-criminals.

The funds were fraudulently removed via electronic transfer to a Chinese bank, according to sources speaking to The Irish Times—from a bank account that it uses to buy fuel for its 400-plus Boeing 737-800 aircraft. The Criminal Assets Bureau in Dublin was asked to assist in the recovery of the funds, which the airline said expects to happen—no word on if there will be turbulence in its efforts along the way.

“Ryanair confirms that it has investigated a fraudulent electronic transfer via a Chinese bank last week,” the airline said in a statement to the paper. “The airline has been working with its banks and the relevant authorities and understands that the funds—less than $5 million—have now been frozen. The airline expects these funds to be repaid shortly, and has taken steps to ensure that this type of transfer cannot recur.”

It added, “As this matter is subject to legal proceedings, no further comment will be made.”

The Times reported that sources said that CAB is tracing the money in conjunction with other parts of the Camden Assets Recovery Interagency Network, which works on informal cross-border and interagency co-operation within the European Union and elsewhere. It is likely also working with the Asset Recovery Interagency Network Asia Pacific, based in Korea.

Source: Information Security Magazine