Connect with us

News

Hackers’ Typo Stops Attempt to Steal $1 Billion from Bangladesh Bank to Philippines

Typing the wrong word can be very costly — but the banks targeted by a hacker group are thankful for a hacker’s poor spelling skills.

A A A

There have been many instances when a typographical error or typo — which defined as a a mistake in typed or printed text — has caused a lot of trouble. Here’s an example: In 1962, a hyphen omitted from a computer code caused the failure of Mariner 1, a Venus-bound spacecraft. The typo cost the National Aeronautics and Space Administration (NASA) a staggering $18.5 million.

Just recently, though, officials of the Bangladesh Central Bank and the New York Federal Reserve were most likely very thankful for a typo for stopping a group of hackers from stealing $1 billion.

The hackers responsible haven't been identified.

The hackers responsible haven't been identified.

You see, Bangladesh has record foreign reserves right now. Bloomberg reported that this is due to “a low wage-fueled export boom and inward remittances.” The Bangladesh Central Bank placed their foreign reserves in the New York Federal Reserve.

A Reuters report by Serajul Quadir explained, “The hackers breached the Bangladesh Central Bank’s systems and stole its credentials for payment transfers. On February 5, they then bombarded the Federal Reserve Bank of New York with nearly three dozen requests to move money from the Bangladesh Central Bank’s account there to entities in the Philippines and Sri Lanka.” All the fund transfer requests made by the hackers had a total value of $1 billion.

Out of the nearly three dozen requests made by the hackers, only four resulted in successful transfers, for a total value of $81 million.

The hackers only managed to steal $81 million.

The hackers only managed to steal $81 million.

The fund transfer request that raised the red flag was for $20 million. It was supposedly for a non-government organization in Sri Lanka called the Shalika Foundation. However, the hacker (or hackers) had typed, “Shalika Fandation.”

The glaring typo caused the staff at Deutsche Bank, which was involved in routing funds, to seek clarification from the Bangladesh Central Bank. The Federal Reserve Bank of New York also sought clarification from the Bangladesh Central Bank when they noted that there were a lot of fund transfer requests involving large amounts at around the same time.

The Bangladesh Central Bank is investigating the incident further.

The Bangladesh Central Bank is investigating the incident further.

Thankfully, the Bangladesh Central Bank immediately put a stop to the remaining transfers. The hackers only managed to steal $81 million — which is still a staggering amount but a lot smaller than the possible $1 billion that could have been stolen.

The Bangladesh Central Bank and the New York Federal Reserve are now working with anti-money laundering authorities and the Philippine Amusement and Gaming Corporation (PAGCOR), which oversees the gaming industry. Several individuals in the country are under investigation as their bank accounts reportedly received the stolen money. It is believed that the cash is further diverted to casinos in the Philippines.

News

Brave Cashier Fights Off Gun- Wielding Robber Using Her Bare Hands

She was so courageous, I feared for her life!

Convenience store robberies are roughly 6% of all stealing cases reported to the police in the U.S., although the rate has dropped down since 1980 these problems have been going on for years.

Convenience stores, which most of the time hold a large amount of money, usually have low security and few personnel thus put them on the “easy target” list of robbers.

According to POP Center, there are more than 135,000 convenience stores operating in the U.S. and about 100 million Americans drop by their stores everyday at any given time to purchase products and avail services since it is convenient with their busy lives.

Continue Reading

News

Kim Jong Un Signals North Korea To Prepare Nuclear Weapons “To Be Fired Any Moment”

Apparently, Kim Jong Un wasn’t happy with the UN Security Council’s harsh sanctions.

According to reports that recently surfaced on the web, North Korean leader King Jong Un just ordered the country to prepare to use its nuclear weapons at any given moment. He has likewise urged the military to be in “pre-emptive attack” mode.

This news bit came following the threats the country has received from its enemies.

The North Korean official said the comments which further escalated the tension that the country is facing after the United Nations Security Council declared harsh sanctions against its nuclear program.

Continue Reading

News

Brazilian Motorcycle Thief Shot Dead By Cop in the Middle of Hijack Attempt

The robber thought he was going to get away with the stolen motorcycle — but a cop happened to be nearby.

In every part of the world, there are brazen criminals who dare to strike even in broad daylight. They use the element of surprise to throw people off-guard, making it easy for them to pull off their crime even with bystanders around. This was exactly what happened to a motorcycle rider in the city of Sao Paulo in Brazil.

An eight-minute video captured via the motorcycle rider's helmet-mounted camera shows a terrifying scenario that happened back on October 12, 2013 at the corner of the avenues Doutor Assis Ribeiro and Gabriela Mistral in Sao Paulo.

The criminals struck in broad daylight.

The criminals struck in broad daylight.

Continue Reading

Popular