Global Banking has become a recent target of the growing threat of cybercrime! Criminals who are managing to hack into numerous of banks security system are growing at a fast pace. Read more below about global banking and one of the industry’s newest threats.
During the first weekend in February this year, Bangladesh Bank became the victim of one of the biggest cyber-heists of all time. Criminals managed to hack into the central bank’s security system, falsely masquerade as official banking authorities, and illegally transfer $101 million of funds from its account at the Federal Reserve Bank of New York to accounts in third countries. $20 million was sent to (and eventually recovered from) Sri Lanka, while the remainder went to accounts in the Philippines, before reportedly disappearing into the country’s casinos. If it wasn’t for the criminals’ misspelling of one of the beneficiaries of the illegal funds, then it is likely that the $20 million in Sri Lanka would also have remained unrecovered.