Jeff Yastine, as the Editorial Director of Banyan Hill Publishing has written some informative pieces that help people who want to explore markets and financial investment. Protection of that wealth is another subject that he has covered in his publications. One of those is about a cyber attack on a bank overseas.
The Bank of Bangladesh had their money transfer code for international transfers hacked. It allowed the hackers to make large transactions internationally without getting caught. Their mode of protection against getting caught was to use non-profit organizations with names that were completely fake. They transferred $80 million in stolen money.
They would never have been caught if they had not made a grammatical error on the transfer form. That simple mistake made the bank catch on. The hackers were never arrested. In fact, they have never been found.
A piece of technology is used to protect against this very issue. Called Sheltered Harbor, it is like one of several technologies used to protect money transfers worldwide. It works by triggering a panic alert across all banks when something looks off. Although the hackers were never caught in person, they were unable to complete the last transfer or steal any more money. This system began around 2016 to help prevent more thefts from occurring. If one bank received a fraudulent transfer, then all of the banks would know and the transfer would never complete. Follow Jeff Yastine at stocktwits.com
Attacks like this are common these days, but attackers normally take only small transactions several times from millions of different accounts. When that happens they normally get away with it. Monitoring this is imperative to prevent the crime’s success. This particular group was really unusual and is indicative of this larger issue.
Jeff Yastine took interest in the cybersecurity aspects of investing in an effort to better understand how his investments are safeguarded. On tips he gives for readers is to check the First Trust Nasdaq Cybersecurity. Trading is up to 10% since August when he began following it. It helps track the community of investors’ safety of investments.
It’s important to note, according to Jeff Yastine, that all banks can be hacked. Even with security in place, it is imperative to follow the security of your investments by tracking them through the Nasdaq.
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