S-Bank fined €7.7m for security flaw enabling customer account breaches

Finland’s Financial Supervisory Authority (FIN-FSA) has fined S-Bank €7.7 million after a programming error in 2022 allowed some customers to access other users' bank accounts. Criminals exploited the flaw to make illicit transfers worth approximately €1.3 million.

The breach, active between April and August 2022, also resulted in more than 50 fraudulent transactions and around 150 suspected data breaches, according to law enforcement.