The Bangladesh Bank Heist: A Bold Cybercrime Using the SWIFT System
In one of the largest cyber heists in history, Bangladesh Bank was targeted by hackers in February 2016, with the perpetrators stealing nearly $81 million from the bank’s account at the Federal Reserve Bank of New York. This audacious theft highlighted vulnerabilities in the global financial system and raised serious questions about the security of the SWIFT network, which is widely used for international money transfers.
What Is the SWIFT System?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a messaging system that facilitates secure financial transactions between banks globally.
It allows financial institutions to send and receive information about transactions in a secure, standardized, and reliable manner.
The SWIFT system itself does not transfer m...





