Bangladesh Central Bank Recovers a Portion of Funds Stolen over SWIFT Network
Following the cyber-heist that led to a loss of over $81 million earlier this year, the Central Bank of Bangladesh has successfully recovered a portion of the funds from a casino in the Philippines. The security issues affecting SWIFT interbank fund transfer network is well known. As both SWIFT and networked banks continue to trade blames, the recent cyber-attacks on multiple banks that led to losses of millions of dollars in fraudulent transactions is not lost on many of us. One of the target banks was the Central Bank of Bangladesh whose $81 million in funds were fraudulently transferred....
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Swift, the international settlement network which connects 11,000 global banks has likely been hacked according to a report by BAE Systems. “An unknown attacker gained access to the Bangladesh Bank’s (BB) SWIFT payment system and reportedly instructed an American bank to transfer money from BB’s account to accounts in The Philippines.” As part of a sophisticated attack, a malware was installed on a Swift Alliance software server to cover tracks and evade detection by manipulating the security measures. The attackers intended to transfer almost one billion dollars from Bangladesh Bank’s....