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One of the most notable real-life stories of hackers stealing a large amount of money is the **2016 Bangladesh Bank Heist**, where hackers pulled off one of the largest bank robberies in history, stealing $81 million from the central bank of Bangladesh. Here's how it happened:
### The Bangladesh Bank Heist (2016)
#### **Overview**
Hackers managed to breach the Bangladesh Bank’s computer systems and attempted to steal nearly $1 billion from its account at the Federal Reserve Bank of New York. Although they were stopped before they could get the full amount, they still succeeded in stealing $81 million.
#### **How the Heist Happened**
1. **Initial Breach: Malware Installation**:
- The attackers first breached the Bangladesh Bank’s system months before the actual theft by installing custom malware.
- They gained access through phishing emails sent to employees, which contained malicious attachments that infected the bank's network.
- The malware was specifically designed to monitor and steal credentials used for the bank’s SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, which is a secure messaging network that banks use to send and receive money transfer instructions.
2. **Reconnaissance and Planning**:
- Over several months, the hackers observed how the bank operated, including the procedures and times for transactions.
- They monitored the daily activities to understand when the security team would be least likely to detect unauthorized transactions, such as weekends or national holidays.
3. **Execution of the Attack**:
- In February 2016, the hackers initiated the attack during a weekend when the bank was closed.
- Using the stolen credentials, they logged into the SWIFT system and sent fraudulent transfer requests to the Federal Reserve Bank of New York to transfer nearly $1 billion from Bangladesh Bank’s account.
- The fraudulent transactions were routed to several bank accounts in the Philippines and Sri Lanka.
4. **Money Laundering and Disbursement**:
- Most of the transfer requests were flagged for further review, but five transactions totaling $101 million were approved.
- Of this, $20 million was sent to Sri Lanka but was stopped and recovered due to a spelling error in the recipient’s name.
- The remaining $81 million was sent to accounts in the Philippines, where the funds were quickly withdrawn and laundered through casinos, making it difficult to trace and recover.
5. **Covering Their Tracks**:
- The hackers used the malware to delete or alter logs, making it difficult for the bank to detect the transactions in real time.
- They manipulated the bank’s printer used to print transaction records, so staff wouldn’t see the unauthorized transfers immediately.
6. **Discovery of the Breach**:
- The breach was discovered when the Bangladesh Bank noticed the missing funds after noticing discrepancies in their transaction records.
- By the time the bank could act, the funds had been dispersed through complex layers of money laundering channels.
#### **Aftermath**
- **Partial Recovery**: Some funds were recovered, but the majority were lost, especially those laundered through casinos.
- **Global Investigation**: The incident triggered an international investigation involving law enforcement agencies from several countries, including the FBI.
- **SWIFT System Security**: The attack exposed vulnerabilities in the SWIFT messaging system, prompting a global security overhaul in banking operations.
### **Key Lessons from the Heist**
1. **Phishing and Malware**: Even secure institutions like central banks can be compromised by phishing and malware, highlighting the importance of employee awareness and email security.
2. **Insider Knowledge**: The hackers' deep understanding of banking operations and the SWIFT system shows how crucial it is for organizations to protect their internal procedures and access credentials.
3. **Weak Security Controls**: The incident exposed the weaknesses in Bangladesh Bank’s cybersecurity, such as lack of multi-factor authentication and outdated software.
4. **Importance of Real-Time Monitoring**: Effective real-time monitoring and anomaly detection systems could have identified the suspicious transactions earlier.
### **Conclusion**
The Bangladesh Bank Heist remains one of the most infamous examples of how cybercriminals can exploit weak security controls, insider knowledge, and sophisticated planning to carry out large-scale financial thefts. This case underscores the need for robust cybersecurity measures, employee training, and continuous vigilance in financial institutions.
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