A spelling mistake in an online bank transfer between the Bangladeshi Central Bank and the New York Federal Reserve prompted the routing Deutsche Bank to seek clarification. On closer inspection, the high number of payments to private entities raised suspicions at the Federal Reserve, which then uncovered the hack when it contacted the Bangladeshi bank.
The transfers, which would have involved up to $870 million, were halted because a fake NGO’s name was spelled “fandation” instead of “foundation”. The money was being routed to accounts in the Philippines and Sri Lanka, officials said. The unknown hackers still got away with $81 million before their efforts were stopped, which makes it one of the largest known bank thefts in history.
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