Connect with us

News

Hackers’ one mistake saves public $1 billion

Published

on

Commuters pass by the front of the Bangladesh central bank building in Dhaka March 8, 2016. REUTERS/Ashikur Rahman

Commuters pass by the front of the Bangladesh central bank building in Dhaka March 8, 2016. REUTERS/Ashikur Rahman

DHAKA, (Diya TV) —A spelling mistake during an online bank transfer helped prevent a nearly $1 billion digital heist against Bangladesh’s central bank and the New York Federal Reserve last month, according to a recent report from Reuters.

An unknown group of hackers penetrated the security system’s of the institutions, and still managed to get away with about $80 million, one of the largest known bank thefts in history.

After breaching Bangladesh Bank’s security system, the group stole its credentials for payment systems, two senior officials at the bank said. Immediately after, they targeted the Federal Reserve Bank of New York with nearly three dozen transfer requests to move money from the Bangladesh Bank’s account there to the Philippines and Sri Lanka. Of the transfers, four were cleared, moving roughly $81 million to the Philippines. A fifth for $20 million, en route to a Sri Lanka non-profit was delayed because the hackers misspelled the name of the NGO, Shalika Foundation.

The hackers botched the spelling of the word foundation, instead writing “fandation.” The routing bank, Deutsche Bank, sought clarification of the transfer from Bangladesh Bank, and the transaction was immediately brought to a screeching halt.

Bangladesh Bank has billions of dollars in a current account with the Fed, which it uses for international settlements. According to one senior official of the Federal Reserve, the transactions which were stopped totaled between $850-$870 million. Bangladesh Bank has since said the stopped funds en route to Sri Lanka have been recovered, and is working with anti-money laundering authorities in the Philippines to try to recover the rest.

At first glance, the money on its way to Sri Lanka reached Pan Asia Banking Corp. That institution went back to Deutsche Bank for verification due to the unusually large size of the transfer — “The transaction was too large for a country like us,” a Pan Asia Banking Corp official told Reuters. “Then (Deutsche) came back and said it was a suspect transaction.”

Bangladesh officials are now rushing to patch up any gaping holes in its security systems, and says the probabilities of apprehending the hackers is slim to none. Additionally, it could take months to recover the stolen money, if its ever found at all. In the meantime, the Bangladesh government blames the Fed for not stopping the transactions sooner. Finance Minister Abul Maal Abdul Muhith told reporters on Tuesday that the country may resort to suing the Fed to recover the money.

“The Fed must take responsibility,” he said.

 The New York Fed has said its security systems were not breached, and that it has been providing as much support as possible to the Bangladesh Bank since the incident occurred.

 

News

Rev. Jesse Jackson pushes for India COVID relief

Published

on

Rev. Jesse Jackson pushes for India COVID relief | Diya TV News

SAN FRANCISCO (Diya TV) — The Reverend Jesse Jackson is standing in solidarity with Indian Americans in California who are rallying the community to send more Covid-19 relief to India.  Reverend Jackson is also voicing solidarity for other communities of color as African Americans celebrate Juneteenth, the new Federal holiday marking the end of slavery in the U.S.

And Satya Nadella is now even more powerful at Microsoft. The tech giant’s CEO was named chairman of the board elevating his current role atop one of the world’s most valuable companies. The Indian American has served as chief executive since 2014, has helped transform the PC maker into a leader in cloud computing in recent years, resulting in  a market cap of close to $2 trillion.

Billionaire philanthropist MacKenzie Scott has given away another massive chunk of her fortune. This time nearly 3  billion dollars to a variety of charities. Several Indian organizations like Goonj, Antara Foundation, and GiveIndia have also benefited from this generosity.

Ravi Kapur contributed to this report.

Continue Reading

News

US – India trade hits record $9 billion

Published

on

U.S.-India trade hits record $9 billion | Diya TV News

SANTA CLARA, Calif. (Diya TV) — For the second month in a row, the U.S.-India bilateral goods trade crossed $9 billion dollars.  It had never happened once before that. This is a comprehensive document covering trade in goods and services, and shows India and the U.S. remain strong strategic partners.

the U.S. Senate confirmed Radhika Fox as the first Indian American and woman of color to lead the office of water at the Environmental Protection Agency. Her supporters say she will focus on making sure everyone’s point of view is heard and taken into account.

And British Pakistani rapper Frenzo Harami is being criticized for his anti Hindu post on Instagram. Harami uses vulgar language to describe Hindu minorities living in Kashmir. He apparently went on this tirade after claiming youtube banned one of his videos.

Ravi Kapur contributed to this report.

Continue Reading

News

India’s COVID rate drops dramatically

Published

on

India’s COVID rate drops dramatically | Diya TV News

NEW DELHI (Diya TV) — India’ s Covid-19 infection rates are starting to consistently drop each day.  The ministry of health reported a little more than 60,000 cases in the past 24 hours. That’s a dramatic decrease from the peak of more than 400,000 cases in one day just a few months ago. 

India has also decided to partially open the Taj Mahal to visitors. And as restrictions ease, several shops, malls, and restaurants have started to reopen in multiple cities this week. but Authorities continue to advise mask wearing and social distancing.

Vice President Kamala Harris hosted a dinner party for a bipartisan group of female senators at her official Washington, DC residence. 16 Democrats and eight Republicans. Vice President Harris is doing this against the backdrop of intense negotiations over President Biden’s agenda in Congress and a border crisis raging on her watch.

And one of the fiercest critics of Big Tech companies like Apple and Amazon is now leading the Federal Trade Commission.  Lina Khan will be tasked with voting on enforcement matters in areas of both competition and consumer protection. the 32 year old South Asian will be the youngest person to ever lead the agency.

Ravi Kapur contributed to this report.

Continue Reading

Trending

Diya TV , Inc. © 2017 All Rights Reserved