Friday, March 18, 2016

After cyber heist, Bangladesh Bank to bring in more reforms

Internal investigations within the Bangladesh Bank found that the hackers installed malware into the Bangladesh Bank systems around January this year. These malware helped the hackers gain knowledge about the transaction methods of the Bangladesh central bank.
It was also found that the hackers had used the same malware to "destroy evidence".
The hackers had opened four bank accounts with Rizal Commercial Banking Corporation (RCBC) in Philippines back in May of 2015. The amount of $81 million was transferred to the RCBC accounts on February 4.
Initially, it was claimed by central bank investigators that Chinese hacker groups may have been involved. But this theory was not followed up later although details emerged in the Philippines on Tuesday that $30 million of the money was delivered in cash to a Chinese casino junket operator in Manila.
A four-member inquiry committee headed by former Bangladesh Bank governor Mohammed Farashuddin was assigned to investigate the incident.

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