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Title: Bank Swift Transfer Hacked Post by: intelligent.investor on November 08, 2017, 05:00:31 PM The SWIFT server of NIC Asia Bank (a Commercial Bank of Nepal) was hacked during Tihar (a major local occasion) and the hacker had placed the payment order of around Rs 460 million (about US $ 4.5 million). The hacker had placed payment order to various parties in six countries, including Japan, UK, the US and Singapore, through Standard Chartered New York and Mashreq Bank New York, through which the bank operates its foreign currency accounts.
SWIFT is a system that banks and financial institutions globally use to transfer money. It is said over 90 percent of fund transfers in the world take place through SWIFT http://kathmandupost.ekantipur.com/news/2017-10-23/nic-asia-cash-stolen-in-cyber-heist.html https://thehimalayantimes.com/business/nic-asia-bank-seeks-cib-help-to-track-down-swift-server-hacker/ Title: Re: Bank Swift Transfer Hacked Post by: xdrpx on November 08, 2017, 05:12:19 PM That's unfortunate and it's strange that NRB hasn't been able to identify the amount of money transferred despite them having a log of account activities even if the banks were closed due to the on-going vacation. This should be a piece of cake for their auditors to determine the (in this case it's KPMG I guess). Also, I guess it'd be possible to reverse these transactions. This also shows that not even our banks are safe when it comes to entrusting our money with them. First they add limits to how much we can borrow, withdraw and spend and now we even risk losing our funds, but I'm sure with the ability to reverse the transactions they're ideally be back to normal operations soon. If this was an inside operation I'd not be surprised.
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