Bangladesh Bank: The Monetary cyber heist

On February 2016, Hacker used the Bangladesh Bank (Central bank of Bangladesh) official computer to make payments by SWIFT. They heist around $951million from Bangladesh bank account at the Federal Reserve Bank.

How this heists happen

According to the reports, “Malware was installed into the computer of the Federal Reserve Bank”.

For every transfer from the bank, it requires a confirmation but the hackers were able to perk the large amount of money at multiple fake accounts in the Philippines and Sri Lanka.

The hackers planned to heist more than $80 million, which they wanted to do with several attempts, but luckily a spelling error stopped the further transfer of another $850 million.

Reuters news stated that, “Most of the detectives believe that special malwares were installed in the computer system of Bangladesh Bank to attack and the hackers try to watch how money is transferred from its account at the Fed Reserve Bank.”

The nature of malware is still unknown, but it may be malicious software which usually included spying programs to allow groups of people to learn how money was processed, received and send.
Some detectives told that it may be a Remote Access Trojan (RAT) or a similar spyware. This spyware allowed the hacker to thieve remote access to the bank’s computer.

Society for Worldwide Interbank Financial Telecommunications or SWIFT is one of the highly secure messaging network systems that use the higher standardized system of codes to transfer instructions and information between financial institutions.