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Bangladesh says hackers stole $100 Million from its US Federal Reserve account

Jasper_The_Rasper
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March 9, 2016  By Pierluigi Paganini
 

Unknown hackers have stolen more than $100 million from the Bangladesh Bank account at the US Federal Reserve Bank.

 
According to Bloomberg, the Bangladesh’s Finance Minister Abul Maal Abdul Muhith is accusing the U.S. Federal Reserve for the theft of at least $100 million stolen from the Bangladesh’s account. Bangladesh is threatening the US for a legal fight to retrieve the funds, explained Muhith in a press conference held in Dhaka on Tuesday. The central bank of Bangladesh declared the funds had been stolen from an account by hackers, the experts had traced some of the missing funds in the Philippines.
 
“We kept money with the Federal Reserve Bank and irregularities must be with the people who handle the funds there,” Muhith said. “It can’t be that they don’t have any responsibility.”
 
While the central bank of Bangladesh is blaming Chinese hackers, the Federal Reserve is denying the security breach of security took place.
 
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Jasper_The_Rasper
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By Telegraph Reporters  10 March 2016
 
A spelling mistake in an online bank transfer instruction helped prevent a nearly $1 billion (£700 million) heist last month involving the Bangladesh central bank and the New York Fed, banking officials said.
 
Unknown hackers still managed to get away with about $80 million, one of the largest known bank thefts in history.
 
The hackers breached Bangladesh Bank's systems and stole its credentials for payment transfers, two senior officials at the bank said. They then bombarded the Federal Reserve Bank of New York with nearly three dozen requests to move money from the Bangladesh Bank's account there to entities in the Philippines and Sri Lanka, the officials said.
 
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The following article is a update on Bank Heist"
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Bangladesh IT Expert Missing After Bank Heist Remarks.

By AFP on March 18, 2016 A Bangladeshi cyber security expert has gone missing, his family said Friday, days after he said officials at the central bank bore some responsibility for an $81 million theft from its foreign exchange account.
Hackers stole the money from the Bangladesh Bank's account with the Federal Reserve Bank of New York on February 5 and managed to transfer it electronically to accounts in the Philippines.
IT expert Tanvir Hassan Zoha, who said he was helping the government investigate the crime, told a local TV station last week that "apathy" over security at Bangladesh Bank had contributed to the audacious theft.
Zoha has not been seen since Wednesday night when he was picked up on his way home from work in the capital Dhaka, his wife Kamrun Nahar said, citing a friend who was with him.
 
full article here:
Jasper_The_Rasper
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By AFP on March 29, 2016
 
Two Chinese men were responsible for moving $81 million stolen by hackers from Bangladesh's foreign reserves into Philippine casinos, an inquiry in Manila heard on Tuesday.

Following the heist, the millions stolen from the Bangladesh central bank's American accounts on February 5 were immediately sent via electronic transfer to a Philippine bank.

The dollar accounts where the stolen funds landed were reportedly opened by two men, Sua Hua Gao from Beijing and a Macau associate identified only as Mr. Ding, in Manila's Rizal Commercial Banking Corp (RCBC) nine months before the theft.
 
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R
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The breaches go on and on.........................when are these
banking institutions going to wake up and tighten up their security?
Ssherjj
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I titally agree with your there Anthony!
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Baldrick
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Well, there we go again...the Chinese are involved...really you would have thought that they would not want to draw attention to their country by such stupid acts...but they do. :(
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Jasper_The_Rasper
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We may have heard of incompetence but this really does take the biscuit.
 
22nd April 2016  By Nicholas Griffen
 
One of the largest ever online heists has stolen $80 million from an Indian bank - all because it lacked a firewall.
 
Hackers attempted to steal around $950 million dollars from Bangladesh Bank, funnelling money through the SWIFT global payment network, which enabled them to quickly transfer stolen funds to fraudulent accounts in various foreign nations.
 
Bangladesh Bank's lack of a firewall and their use of second hand network switches, which cost $10 a piece allowed hackers fairly easy access to the bank’s funds once they knew the bank's SWIFT login credentials.
 
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Baldrick
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LOL...a bank without a firewall is a the same as a bank with out a vault door. :D
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Jasper_The_Rasper
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Zeljka Zorz - April 25, 2016
 

The malware

 
The malware was found on online malware repositories (according to Mikko Hypponen, on VirusTotal), and has been submitted by a user in Bangladesh – possibly even by the attackers trying to see whether it will trigger detection by security solutions.
The researchers found several malware samples, which they believe were created by the same persons.
One of these, a component that interacts with SWIFT software, is installed on a server running SWIFT’s Alliance software suite (powered by an Oracle database), and makes the application believe a failed validation check (e.g. authorization success check) was actually successful.
 
          


 
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Baldrick
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Amazingly interesting and cunningly fiendish...will never cease to amaze me how inventive these miscreants are.:(
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Dermot7
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Hours before the Federal Reserve Bank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, according to two people with direct knowledge of the matter.
On the day of the theft in February, the New York Fed initially rejected 35 requests to transfer funds to various overseas accounts, a New York Fed official and a senior Bangladesh Bank official told Reuters. The Fed’s decision to later fulfill a handful of resubmitted requests raises questions about whether it missed red flags.      
 
Exclusive: NY Fed first rejected cyber-heist transfers, then moved $81 million | Reuters
 
 

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