Published by
Philippine Star

Aside from phishing and smishing, people now have to worry about outright hacking of their bank’s system, and the theft of their deposits. This kind of cyber crime is not new. We remember one of the most brazen, when the Federal Reserve Bank of New York lost to hackers in February 2016 a staggering $101 million in the Bangladesh central bank’s account. Using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, hackers successfully used five of 35 fraudulent transactions to transfer the $101 million, of which $81 million was laundered through casinos in the Philippin…

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