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Bangladesh Bank robbery
The Bangladesh Bank robbery refers to a cyber heist that occurred in February 2016, involving the theft of approximately $81 million from the Bangladesh Bank's account at the Federal Reserve Bank of New York. The incident highlighted the vulnerabilities of the global financial system to cyber-attacks and raised concerns about the security of central banks and financial institutions. The heist began when hackers used malware to access the Bangladesh Bank's computer systems. The attackers then used fraudulent SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages to request funds transfer from the Bangladesh Bank's account to various accounts in the Philippines and Sri Lanka. The fraudulent requests amounted to nearly $1 billion, but only a portion was successfully transferred.
The heist came to light when a spelling error in one of the transfer requests raised suspicions at the Deutsche Bank, one of the intermediary banks involved in processing the transactions. The error prompted further investigation, revealing the cyber attack and leading to the halt of additional fund transfers. By then, however, the hackers had successfully transferred $81 million to accounts in the Philippines.
In the aftermath of the Bangladesh Bank robbery, investigations were launched by authorities in Bangladesh, the Philippines, and other countries involved. The incident shed light on the need for improved cybersecurity measures in the global banking system and enhanced cooperation and information sharing among financial institutions to prevent and respond to such attacks.
The Bangladesh Bank, with the assistance of international law enforcement agencies and financial institutions, worked to recover the stolen funds. Some money was traced and returned, but a significant portion remained unrecovered. The incident prompted central banks and financial institutions worldwide to reassess and strengthen their cybersecurity protocols to prevent similar incidents in the future.
The Bangladesh Bank robbery serves as a stark reminder of the evolving nature of cyber threats and the importance of robust cybersecurity measures to safeguard the integrity of the global financial system. It also highlighted the need for ongoing collaboration among nations and financial institutions to address cybercrime effectively.