Bangladesh bank boss quits over $100m cyber-fraud

    Bangladesh bank boss quits over $100m cyber-fraud

    March 15, Dhaka: The head of Bangladesh's central bank, Atiur Rahman, has resigned after cyber-thieves stole more than $100m from the country's foreign currency reserves, media reports.

    Rahman submitted his resignation to Prime Minister Sheikh Hasina after it emerged that unknown hackers had stolen the money from the bank's account with the Federal Reserve Bank of New York.

    The theft happened in February, but Rahman did not tell the government. Rahman had learnt of it from press reports, Finance minister A M A Muhith said.

    According to media reports quoting banking officials, the gang behind the raid used stolen credentials to make requests to transfer cash look legitimate.

    If all the requests had gone unchallenged, the gang would have got away with about $1bn, BBC news reported.

    However, the transfers were stopped when the volume of requests raised suspicions at other banks.

    To commit the attack, the gang spent time studying the internal processes of Bangladesh's central bank, so they could convincingly pose as officials when requesting the transfers.

    However, the sheer number of transactions and a spelling mistake helped alert bank staff to the theft.

    The spelling mistake in the name of one recipient of funds led Deutsche Bank, which was helping to route the cash, to ask for clarification from the central bank, which then stopped the transaction, reports said.

    The Oslo Times


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