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World

NY Fed blocked, then cleared $81 mln heist

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Opening sequence

World

NY Fed blocked, then cleared $81 mln heist

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COMING UP:NY Fed blocked, then cleared $81 mln heist

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Transcript

00:00:00
>>
NOISE] O
e of the biggest cyber heists in history could have been a whole lot bigger. Sources telling Reuters that when hackers got away with $81 million from the Bangladesh central bank's account with the New York Fed, they may have been attempted to take nearly 2 billion. Reuters' Chris Nadash has been speaking to sources in the Bangladesh's capital, Dhaka.
00:00:19
>> The new information actually questions the New York Fed's handling of the transactions in early February>> Bangladesh bank sources told us New York Fed had all the needed flags to cancel these transactions, but some of them went through. And then that is actually causing a lot of tension between the two central banks.
00:00:40
The two sides disagree on exactly what happened. Hackers hit the Fed with two waves of fake transaction requests, 70 in total. The first 35 were all blocked, but 4 were accepted when the second wave came through. According to Bangladesh, the exact same requests were filed the second time around, so New York should have identified the threat and blocked the transactions like it did the first time.
00:01:00
On the other hand, New York says 70 separate transactions were made and 4 slipped through the cracks. Either way, the evidence suggests that somewhere along the line, the Fed dropped the ball. Adding to that, Bangladesh says the scale of the attempted hack should have been a red flag.
00:01:14
>> Within the span of four hours, the hacker sent 70 payment instructions to the New York Federal Reserve Bank. The source said that the typical transaction from Bangladesh Bank is less than two per day over the past eight months.>> The New York Fed has said there are no problems with its approval process and declined to comment on whether it was outwitted by cyber criminals