$100 Million Bank Heist Brought To Light By “Fandation” – A Typo
Financial institutions in the Middle East are deeply concerned about their cyber-presence, as cyber-attacks have escalated over a period of very short time.
The hackers/ cybercriminals are launching highly sophisticated/ undetectable Trojans and ransomware. One of the most prevalent ransomware is ‘locky’, which encrypts user data, and threatens to delete everything if the victim does not pay compensation. Of course anti-virus companies are working on a solution against ‘locky’, but without much luck.
With almost all banks in the region now using the latest technology and network controls to guard their boundaries, such attacks have reached a new level.
In what might be considered one of the most ridiculous bank raids to date, the central Bank of Bangladesh experienced a higher level of theft as undetected attackers conducted a thorough and careful study of the bank’s operations and security systems and disguised as bank officials, requested a series of large money transfers orders for the New York Federal reserve. They successfully made away with a large amount of money, believed to be approximately $100mn.
The attackers carefully transferred this money to independent areas and regions but in a bid to operate discreetly, the money was separated and independently transferred across areas. $80mn dollars is believed to have successfully ended up in the Philippines, whereas the remaining $20mn was being transferred to an NGO in Sri Lanka.