Hackers Steal Bank's Crypto Credentials, But Are Foiled By Their Own Typo (reuters.com) 45
New submitter tlambert writes: Unknown persons stole Bangladesh Bank transfer credentials for payments via the international banking system, and then proceeded to start moving money to the Philippines and Sri Lanka. A human foiled the plot after ~$80M had been stolen with another $870M stopped, after they noticed the word 'foundation' misspelled in one of the requests. Bangladesh, meanwhile, is blaming the U.S. Federal Reserve for trusting their credentials. (Note: Bangladesh Bank isn't like Bank of America; it's the country's central bank.)
You always have to watch for fandamental errors (Score:3)
I got nothing to add after the pun in the subject line.
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Foreign people involved in fraud always mispell shit.
...or, at least, that's what they want you to think.
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That kind of capital is chump change for the Fed. For these foreign banks it's a lot of money. You'd expect that kind of money transfer to trigger some sort of alert before it goes through, but the Fed isn't in the business of bailing out foreign banks. I'm sure domestic banks is another story.
There is always some engineer or IT guy with the keys to the kingdom at these banks with potentially more power than Janet Yellen.
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How dare you trust the credentials that were stolen from us! You should have known they were stolen, even though we didn't even know!
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Bangladesh, meanwhile, is blaming the U.S. Federal Reserve for trusting their credentials.
Wat?
The FBI wants into this... clearly they used and iPhone.
RIP (Score:2, Insightful)
A typo the source of an almost $1BILLION mistake? Someone's going to die behind this...
Re:RIP (Score:4, Insightful)
Maybe they'll be hacked to death by a mob with meat cleavers in public in broad daylight. Oh wait that only happens to bloggers.
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The Fed provides a variety of services to more than 200 foreign central banks, foreign governments and international official institutions.
https://www.newyorkfed.org/aboutthefed/fedpoint/fed47.html
Yes, remember when you bitch about "the bankers' that for most of the world, WE are the bankers
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I am not a banker. Never have been.
modern security weakness is inbound signaling (Score:1, Insightful)
Modern security especially for this kind of amount of money would really worth having an out of bond validation of money transfer.
Not taxing transaction does not means that transactions should have non null costs. So de facto the minimal tax that should be imposed to money transactions on the internet MUST be a strong real authentication of the persons out of the internet plan to validate transactions.
Else, we are just letting frauders have a good incentive to cheat. Especially since the victims are all for
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80 million shuffling between central banks amounts to chump change. Even the full billion would barely raise eyebrows (less than 1% of the GDP of Bangladesh).
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Losing 1% of your country's GDP would be a huge deal. That would mean 1 in 100 people being out of a job.
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I am sorry, 1% of a country's GDP is ALWAYS a lot of money. Well, except Greece. But for most, transferring such a large sum to a foreign, private destination should be a huge red flag.
Sounds like something Michael Bolton would do (Score:4, Funny)
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Ugh no moderation points. Funny nonetheless.
Bank of America? (Score:4, Informative)
(Note: Bangladesh Bank isn't like Bank of America; it's the country's central bank.)
Bangladesh Bank is like the US Federal Reserve; it's the country's central bank.
fixed that for you.
The solution to these problems is... (Score:3)
... to create a private and permission based blockchain between banks a la R3CEV.COM with so far 46 banks. This way, when the keys get compromised, that hacker can be the richest person in the world.
ohhh... (Score:1)
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More like insider job likely with the backing of corrupt intelligence services. Once you get to that level, you are will outside the scope of amateur hackers. By far the majority of high level hacks will be government intelligence contractors (the inherent nature of the people they recruit) and actual government agents, the more corrupt the government the far more likely that is to happen. So pretty much a solid indication of how much private interests must protect themselves from government invasion, espe
Bangladesh bank isn't like Bank of America (Score:2)
I fully expected that sentence to end with "they usually know how to spell security".
Not because I know the BB, but I know the BoA.
Follow the money (Score:2, Informative)
Here is what is going on at the receiving end.
http://www.gmanetwork.com/news/story/558669/money/personalfinance/businessman-go-implicates-rcbc-officer-to-money-laundering-scheme
Holy crap, that was close! (Score:2)
Common security key... (Score:2)
Good thing there wasn't a common security key like the FBI wants !!! :-P