When the Federal Reserve Bank of New York cleared five transactions made by the Bangladesh Bank hackers, the money went in two directions. On February 4, the Fed’s system sent $20 million to Sri Lanka and $81 million to the Philippines.
The Sri Lankan transaction contained a small but crucial error: The money was being sent to a bank account in the name of a nonprofit foundation, but the electronic message spelled it “fundation.”
That prompted Deutsche Bank, an intermediary in the transaction, and a Sri Lankan bank to contact Bangladesh Bank, which led to the payment being cancelled and the money returned.
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Source Credits: AAP