How millions went missing in online bank heist

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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.

Read more on this in the source site, after the first three paragraphs. Click.. here.

Source Credits: AAP

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