A Bangladeshi panel assigned to investigate a recent theft of $81m from its central bank suspects that it may have been carried out by an insider who enabled the transfer of these funds via the SWIFT international payments network. Hackers penetrated the IT systems of the Bangladesh central bank and by using SWIFT issued instructions for the transfer of $951m to accounts in Sri Lanka and the Philippines. The majority of these transactions were blocked; four of these were able to siphon funds from its deposits held at the New York Federal Reserve Bank, thus sparking these accusations of an insider role. Bangladeshi officials have accused the Federal Reserve Bank and SWIFT of failing to detect this fraud.
A Bangladeshi panel assigned to investigate a recent theft of $81m from its central bank suspects that it may have been carried out by an insider who enabled the transfer of these funds via the SWIFT international payments network. Hackers penetrated the IT systems of the Bangladesh central bank and by using SWIFT issued instructions for the transfer of $951m to accounts in Sri Lanka and the Philippines. The majority of these transactions were blocked; however four of these were able to siphon funds from its deposits held at the New York Federal Reserve Bank, thus sparking these accusations of an insider role. Bangladeshi officials have accused the Federal Reserve Bank and SWIFT of failing to detect this fraud.