Bangladesh Central Bank Hack May Be Linked To Other Attacks Around The World

In February, Bangladesh Central Bank lost $81 million to hackers, three months after the attack, authorities have uncovered three more incidents that may be linked together, SWIFT CEO reveals plans to strengthen the security of its operations.

The first uncovered case was actually the last attack carried out by the hackers, in February, a group of cybercriminals used stolen credentials from employees of Bangladesh’s Central Bank to validate over thirty wire transfers directed from the Bank’s account in the Federal Reserve of New York to accounts in the Philippines and Sri Lanka.

The operations totaled a whopping $1 Billion, but an error in one of the orders raised suspicions and the majority of the transfer orders were canceled, nonetheless, $81 million were stolen without any evident traces.

Another fraudulent attempt to acquire over $1 million was unsuccessfully performed on December by hackers, when a small Vietnamese bank, Tien Phong Bank, detected the intrusion. The same modus operandi was then used later to carry out the Bangladesh hacks.

The third known attack was performed in January of last year when the same hackers managed to steal $10 million from Austro Bank, a midsize Ecuadorian entity. All the attacks feature the same strategy, with the use of valid credentials stolen from the Bank’s workers, the attackers managed to validate operations in the Swift network.

Swift is a platform used by more than 11,000 financial institutions to exchange messages that contain money transference orders. In a day, the Swift infrastructure handles more than 25 million messages that account for billions of dollars, every bank has its own Swift code along with credentials for their workers.

Related Post

On May the 24th, Gottfried Leibbrant CEO of Swift spoke delivered the keynote address at the event celebrated in Brussels, the conference gathered major financial institutions to share thoughts and experiences in the sector. Leibbrant revealed a five-part plan to reinforce the security of the global financial system.

The five-point presentation included the improvement of information sharing among the global financial community, the reinforcement of the security requirements for bank-operated software, create or improve methods to identify suspicious behaviors, and finally, to introduce certification requirements for third party providers.

Swift insists that the hacks were not carried out thanks to vulnerabilities in their infrastructure, but as a result of weaknesses in each bank’s internal ecosystem.

Apple users can now download the app of The Merkle in the App Store!

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Eduardo Gómez

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.

Share
Published by
Eduardo Gómez

Recent Posts

Bitget Launches OpenAI Pre-IPO Access As Crypto Exchanges Push Into Tokenized Equity Markets

Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…

9 hours ago

Tether Expands Open-Source Push With New Developer Grants For AI And Payment Infrastructure

Tether's presence in decentralized tech space is growing due to the launch of its developer…

1 day ago

Huma Finance Exploit Hits Legacy Contracts As Platform Maintains Stability And Accelerates Transition To V2 System

While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…

1 day ago

Chainlink Expands Cross-Chain Reach As Major Protocols And Institutions Deepen Adoption 

Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…

2 days ago

Sui Network Hit Again: DeepBook Exploit Adds To Growing List As Token Defies Pressure With Bullish Breakout

A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…

3 days ago

Polygon Raises Network Capacity To 140M Gas

Polygon has made a big move in cementing its mission as one of the leading…

4 days ago