Bangladesh Central Bank Recovers a Portion of Funds Stolen over SWIFT Network

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The security issues affecting SWIFT interbank fund transfer network is well known. As both SWIFT and networked banks continue to trade blames, the recent cyber-attacks on multiple banks that led to losses of millions of dollars in fraudulent transactions is not lost on many of us. One of the target banks was the Central Bank of Bangladesh whose $81 million in funds were fraudulently transferred from the New York Federal Reserve earlier this year.

In a good news, the Central Bank of Bangladesh as recovered a part of the stolen funds from a casino based out of the Philippines. During the course of an investigation, it was found that the money was sold to a black market forex broker who then transferred the money to three different casinos operating in the region.

According to reports, the Solaire Resort and Casino was ordered by a Philippine court to surrender the money to Bangladeshi bank. A casino junket operator, Kim Sin Wong of Eastern Hawaii Leisure Company has handed over funds worth over $10.05 million obtained from two Chinese high-rollers to the concerned authorities.

The cyber-attacks over SWIFT network was carried out after infecting the bank systems with a malware. The

Read more ... source: NewsBTC USA

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