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Citibank denies reports of cyber heists

The FBI is investigating a hacker attack on Citigroup that led to the theft of tens of millions of dollars, the Wall Street Journal reported. The bank emphatically denied the report.

The Journal reported that the cyber thieves were first found out by investigators who were following some unusual traffic from internet addresses connected to the Russian Business Network detected by U.S. investigators who saw suspicious traffic coming from Internet addresses that had been used by a Russian cyber gang, the Russian Business Network.

In a statement, Citi said “any allegation that the FBI is working on a case at Citigroup involving a breach of Citi systems resulting in tens of millions of dollars of losses is false. There has been no breach and there have been no associated losses.”

According to the report in the Wall Street Journal, a number of agencies, including the FBI and the Department of Homeland Security, worked together to investigate the attack, which may have occurred more than a year ago.

Cyber crime is of increasing concern to businesses and the federal government, with President Barack Obama calling it one of the “most serious economic and national security challenges we face.”