Case ID 18-1077
Published 2018
Industry BANKS, EXCEPT CENTRAL BANK
Industry Code 622
Subject General management


Abstract On February 4, 2016, the Central Bank of Bangladesh, the monetary authority and banking regulatory institution of Bangladesh, was hacked and funds were stolen from their accounts at the Federal Reserve Bank in New York, United States. The hackers used stolen information such as payment and message codes that allowed them to send multiple transfer requests amounting to $1 billion through the SWIFT network. Out of those transfer requests, $81 million stolen funds made its way to the Philippines via four bank accounts at the Bonifacio Bank in Makati City, Philippines and into local casinos.
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Teaching Note Yes