You are here

Bangladesh heist could have been prevented

Proactive privileged account controls and advanced detection capabilities would have foiled the cyber crooks.

A spelling error by the cyber criminals raised the alarm and saved Bangladesh Bank (above, its headquarters in Dhaka) further losses of nearly US$1 billion.

ON May 15, 2015, three bank accounts were opened at the Rizal Commercial Banking Corporation (RCBC) in the Philippines. Each of these accounts was to lie dormant until Feb 4 the following year. The authorities were to find out only later that the accounts were fake, and linked to an attempt by