Slashdot Mirror
Bangladesh Bank, NY Fed Discuss Suing Manila Bank For Heist Damages (reuters.com)
An anonymous reader shares a report: Bangladesh's central bank has asked the Federal Reserve Bank of New York to join a lawsuit it plans to file against a Philippines bank for its role in one of the world's biggest cyber-heists, several sources said. The Fed is yet to respond formally, but there is no indication it would join the suit. Unidentified hackers stole $81 million from Bangladesh Bank's account at the New York Fed in February last year, using fraudulent orders on the SWIFT payments system. The money was sent to accounts at Manila-based Rizal Commercial Banking Corp and then disappeared into the casino industry in the Philippines.
I mean sure, the movie would have less in common with reality than TFS by the end but the heist, the laundering through the casinos... sounds like a great start.
MAGA indeed
Duterte is tough on crime and would never allow criminals to operate in the Philippines... heck even our president said he was a great guy
Suspicous wired inter-bank financial transaction
spirit of creation failproof.. good sports with good spirits will prevail.. hang on to your hemisphere.. in the moms we trust..
What court would hear this case? Philippines has already issued fines. If individuals (non-officers) within the bank choose to collude, can the bank be responsible if they meet minimum infosec requirements/regulations? And it's not like there are international cyber security regulations anyway. At the time, SWIFT was punk and didn't even strong recommend MFA.
The need for an international court or tribunal, similar to maritime, is obviously necessary. But it will remain unadopted with the United States acting like morons and the rest of the world going along with it.
I wonder how we'll behave in this regard after the singularity eliminates much of the purpose of the nation state.
It was pulled off with insiders in the bank. They knew the exact process. Orders and acknowledgements were printed and kept track of. They first disabled the printer with some innocuous manner. It is possible they caused the same failure a few times before to stop them from getting suspicious. Then on a Friday, sent the money transfer orders. Acknowledgement was stuck in the print spool. NY Fed released the funds after giving enough time for Bangaladesh to countermand or correct errors.
It was NYFed noticing the typos and errors in the order that stopped the bleeding at 80 million dollars. If not, they would have drained ALL the funds of the government of Bangaladesh.
Now they are opening a dog and pony show by suing Phillipines to distract the local population, politicians and the press. It was done with the complicity of the highest level officers in Bangaladesh.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
I'm confused why this is even an issue, it should be quite possible to simply void the transactions back to the point where it was "lost". Presumably any of the losses at that point or beyond are part of the problem (either directly or indirectly). I thought there was a reason (at least in my area) why you can't pull money out of your account beyond a certain point so that the bank can confirm any recent transactions are legitimate. Banks would be a lot more cautions about who they let run slapdash transactions through their system if they risked getting saddled with the bill. Unfortunately the banking industry seems to prefer the opposite, being allowed to pass through any transaction that runs across their desk and suffer no ill effects when it is shown that their lack even basic security measures allowed a theft to occur.
eternally empty,, still full of it... sad story..
Suddenly North Korea is getting a lot of blame for these cyber crimes. I'm seeing a lot of headlines but almost no citations of actual evidence. I'm currently lacking a new source that I don't treat with a high degree of skepticism and articles like this don't help. The internet should make reporters lives easier but instead it makes it easier for me to fact check reporters. My fact checking is a biased sampling, I'll usually only check articles that are a "little off" but I would say nearly 90% of the time I check the reporter has gotten something significant wrong or missed something that is not only important but is also counter to the opinion the reporter was pushing. I'll pay for good news. I won't pay for someone to just echo back my opinions. That's what facebook is for.
Open your own casinos and send the profits to the government to benefit the people. /s.
Not a dime would get to the people