Hackers Continue to Steal Billions from Banks

Hackers Continue to Steal Billions from Banks
Billions continue to be stolen from "Secure Banks"

Photo Credit: Vimeo

Would you commit a crime??? What if you could get Millions or even Billions of Dollars and have very little risk of getting caught?

How about one chance in one million? Are you in?

A Hated Target

Photo Credit: Reuters

Everybody deep down hates banks and bankers. They have tons of cash, get special favors from government and are gathering more power unto themselves each day.

Hackers, many of whom style themselves as "Social Engineers", see banks as legitimate targets and institutions of oppression. As time goes on, they see them as a source for easy profits.

The Big Score

Photo Credit: Coin Week

Banks don't like to reveal when they are hacked for a variety of reasons. Sometimes they can't always conceal the losses or the case is so big, that government investigators or regulators reveal the security breaches to the press. Most hacks go unreported.

Hackers made off with around $1 Billion over a two year period , from 2013 to 2015. The attackers figured out a way to make ATM Machines dispense cash on command without any physical contact with the machines. They would send accomplices to collect the cash from the compromised machines.

Over 100 banks in up to 30 countries were targeted. The majority in Russia. The hack is said to have originated in both China and Russia.

No one has been arrested or been prosecuted for these thefts.

Check Your Spelling

Photo Credit: Security Scorecard

Bangladesh is one of the poorest countries on the planet and in all likelihood is built to stay that way. Despite this poverty, a few are very, very wealthy.

The Bangladesh Central Bank keeps Billions in U.S. Dollars on deposit with the U.S. Federal Reserve Bank of New York, to facilitate payments internationally.

Hackers breached the Bangladesh Central Bank and were then able to instruct the The U.S. Federal Reserve Bank of New York to process four transactions worth $81 Million Dollars to addresses in the Philippines and Sri Lanka, all four transactions were successful.

A fifth transaction for $20 Million USD was stopped by the routing bank; Deutsche Bank, as the thieves misspelled the word "Foundation" as "Fandation".

Both the U.S. Federal Reserve Bank of New York and Deutsche Bank reported these "red flags" and additional transfers totaling around $800 Million USD were stopped.

All this activity occurred on Friday, which is the Muslim "Weekend", when all banks are closed for business in Bangladesh.

Although the Bangladesh Central Bank has claimed to have recovered some of the stolen $81 million dollars, the hackers have never been caught.

No Finger Prints

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Most hacks into corporations are never detected. The 6% that are detected are discovered, usually 7 months after the hack occurred. Clues usually consist of file remnants or lines of code that were not completely erased by the hackers.

Today and Tomorrow

Photo Credit: Songdo, the Future City

One thing is certain, Bank hacking attempts are happening right now. Most successful attacks will go undiscovered and the hackers will never be caught.

It seems crime does pay

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