In the series of International heists Bangladesh bank lost $81 million

In the series of International heists Bangladesh bank lost $81 million: Cyber theft that resulted in $81 million stolen from the Bangladesh Central Bank was similar to the methods employed to steal $2 million from the Indian City Union Bank, according to the CEO of City Union Bank.

Earlier, the hackers made fraudulent transactions by disabling the City’s printer attached to the global payments platform SWIFT. This prevented the bank from receiving the acknowledgements of the fraudulent transactions. Similar was the case with Bangladesh Central Bank where the printer was also disabled through a malware.

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However, the Bangladesh Central Bank denied any involvement of the bank’s own staff. Such speculations were made on the back of inside job executed by the employees of Mumbai branch of Punjab National Bank. In this scandal, the manager was accused of siphoning off $ 1.8 billion in collusion with the billionaire jeweller called Nirav Modi.

In this heist, the manager Gokulnath Shetty issues assortments of the letters of Undertaking to other banks in order to disburse loans to the group of Indian Jewelry companies. This was undertaken due to the misuse of the SWIFT interbank messaging system and incomplete ledger entries.

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Such series of news came after the Russian bank lost $6 million in the cyber heist that took advantage of the banks internal control weaknesses.

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Sarah Kaplan is an award-winning journalist with more than 9 years of experience. She is the Editor-in-Chief of TheOofy.com. She has worked for international media companies as a reporter and correspondent. She has been awarded by Article 19. She has worked for  The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.  She has been writing about technology, latest trends in business. You can reach out to her via kaplan@theoofy.com. Also you can connect with her at Linkedin: https://www.linkedin.com/in/tugbakaplan/ Facebook: https://www.facebook.com/TuubaKaplann https://theoofy.com/author/sarahkaplan/