Cybercrime: The Growing Threat to Global Banking

Image Source: Article

Image Source: Article

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. 

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