The Bangladesh Bank Theft refers to a cyber heist that took place in February 2016, where hackers stole $81 million from the central bank of Bangladesh. The theft involved unauthorized transfers from the banks account at the Federal Reserve Bank of New York.
The hackers gained access to the Bangladesh Banks computer systems and were able to issue fraudulent transfer orders through the SWIFT network, a global messaging system used by banks to send secure instructions for financial transactions. The hackers sent multiple requests to transfer funds to accounts in the Philippines and Sri Lanka.
The Federal Reserve Bank of New York, which serves as the U.S. central banks main point of contact with foreign central banks, executed the transfer orders as per standard protocols. After receiving the requests, the New York Fed initiated the funds transfer without verifying the authenticity of the instructions, leading to the successful theft.
Despite ongoing investigations by multiple authorities, the hackers behind the Bangladesh Bank Theft have not been conclusively identified yet. However, researchers have linked the attack to a broader hacking operation targeting global financial institutions.
The Bangladesh Bank Theft had severe financial repercussions for both the central bank and the countrys economy. It also raised concerns about cybersecurity vulnerabilities in the banking sector and prompted calls for enhanced security measures to prevent similar incidents in the future.
In the aftermath of the Bangladesh Bank Theft, the New York Fed reaffirmed its adherence to established transfer procedures and emphasized the need for increased vigilance in preventing cyber attacks on the global financial system. The incident prompted a review of existing security protocols to enhance safeguards against unauthorized transfers.
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NY Fed stands by transfer procedures after Bangladesh Bank theft.