Millions of dollars were taken from the Federal Reserve Bank of New York as a group of a evasive hackers managed to get away with $81,000,000!

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A suspicious handful of casinos in the Philippines, a large bank in Bangladesh with old technology, and a group of unknown cyber thieves are key players in this digital heist. The cyber thieves managed to get away with a hefty sum of money after a digital heist that was made possible by the international bank messaging system called Swift.

Swift is the acronym for – the Society for Worldwide Interbank Financial Telecommunication. It is named as the most trusted secure international banking system to authorize payments from one account to another.

However, all of that changed after last week as hackers managed to run away with $81,000,000 from Bangladesh’s central bank in February. But this isn’t the first time, as Swift acknowledged that the thieves have attempted similar heists on other banks through it’s network.

Since attacks have occurred multiple times on Swift many of it’s clients are questioning the security of the international banking system. But financial security experts are saying that Swift’s system is only as safe as it’s weakest link. For example, Bangladesh’s central bank that still uses outdated technology.

What makes things a bit scarier is the thieves have spent months inside the central bank’s computers, studying and observing all of the bank’s inner workings. The recent attack certainly reveals how sophisticated digital thieves are becoming when carrying out their cyber crimes.

Source: NY Times