Typo Costs Hacker $900 Million
This is why spelling counts. If it weren’t for a careless typo hackers who recently targeted Bangladesh Central Bank and the New York Fed could have stolen upwards of (sit down for this) $1 billion. Yes, that’s “Billion” with a “B”. As it is, they only got away with somewhere around $101 million. Only.
Though it is just now coming to light, it would appear that somewhere around a month ago hackers got into Bangladesh Central Bank’s computer system and started sending requests to the New York Federal Reserve to transfer money from its account there. They were able to route $101 million to bank accounts in the Philippines and Sri Lanka before any flags were raised.
On one of the requests, the hackers misspelled the word “foundation” as “fandation” in the name of Sri-Lankan organization. Since spelling mistakes and large amounts of activity are signs of fraud, authorities decided to take a closer look at the transfers. Had it not been for this typo and all of their requests gone through, cyber-criminals would have gotten away with $1 billion.
As for right now, the Bangladesh Central bank and the New York Fed are arguing over who is actually to blame for the missing funds. Security Experts in Bangladesh are looking into the breach and are confident that the missing funds will be retrieved.