Posted on 03/10/2016 2:23:32 PM PST by nickcarraway
South Korean Economy Boosted As Won Jumps To New High Hackers helped themselves to $81 million after breaching Bangladesh Banks systems between Feb. 4 and Feb. 5but the massive theft could have been far worse if not for a typo.
After successfully transferring $81 million from the banks account at the Federal Reserve Bank of New York to entities in the Philippines, the hackers tried to transfer another $20 million to a Sri Lankan nonprofit, only they wrote fandation rather than foundation as part of its name, an official tells Reuters.
While the Fed grew suspicious, routing bank Deutsche Bank caught the typo and got in touch with the Bangladesh central bank, which put a stop to the transfer.
In total, hackers had put in almost three dozen transfer requests and planned to steal another $850 million to $870 million. Officials suspect stolen funds were diverted to banks and casinos and say accounts that received the funds have been frozen.
An official tells the Wall Street Journal that some money was recovered but the hackerswho experts suspect are from outside Bangladesh and spied on bank workers to gain information on the banks systemsare unlikely to be found.
The Fed, however, may face consequences. Bangladeshs finance minister says the country may sue the Fed for not stopping the transactions earlier. We kept money with the Federal Reserve Bank and irregularities must be with the people who handle the funds there, he tells the New York Post.
A rep for the Fed says the payment instructions in question were fully authenticated by money-transfer system SWIFT.
The banks get mad when individuals do what the banks do.
Translation.....US taxpayers on the hook for $81,000,000 to East Pakistan.
Our gubmint reimbursing Pakistan for the bribe money on the additional F16 that they wont be getting now.
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