Hackers steal $5 million from Ryanair

Hackers stole about $5 million from Ryanair last week, raising concerns that fraudsters might be pursuing false electronic bank transfers as their next cyber weapon.

The Ireland-based low-cost airline said it was investigating a “fraudulent electronic transfer via a Chinese bank.”

{mosads}“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 company said in a statement Tuesday night that was reported by the Irish Times.

“The airline expects these funds to be repaid shortly, and has taken steps to ensure that this type of transfer cannot recur.”

Ryanair did not identify Chinese hackers as the perpetrators. Dublin’s Criminal Assets Bureau is reportedly working with its counterparts in Asia to recover the funds.

The money was stored in dollars by the airline, as that is the currency used to purchase fuel for Ryanair’s 400-plus Boeing 737-800 planes, the Times reported.

It is unclear how hackers managed to complete the fraudulent transfer.