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Hackers threaten Greek banks with DDoS, ask for ransom

A group of hackers is trying to extort money from three Greek banks and is threatening the financial institutions with DDoS attacks unless they comply, the media have reported on Tuesday.

The group, which goes by the name Armada Collective, has asked the three banks which weren’t named, to pay a ransom in Bitcoin or face a distributed denial of service attack.

They had sent websites of all three banks offline briefly, just to show they mean business. At the same time, law enforcement agencies and telecoms have stepped in to help, according to local media, with a number of service providers increasing capacity for the banks to handle traffic, while law enforcement have created a special taskforce to deal with the attack.

The taskforce made up of the Greek National Intelligence Service, Financial Crimes Squad and Bank of Greece.

The banks said that online banking is interrupted, but the banks' financial transaction systems are unaffected.

According to Greek financial journalist Yannis Koutsomitis, evne the FBI is involved.

The attack comes less than a week after a similar thing happened (opens in new tab) to UAE-based bank, when a hacker going by the name Hacker Buba, blackmailed the bank and asked for $3 million.

In that case, however, there were no DDoS threats, but instead the hacker threatened to release the bank’s customers’ account statements.

Customers include government entities, private companies and individuals. As it turned out, the bank refused to pay and the hacker kept his word to start doxing confidential bank statements via Twitter.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.