Fed Initially Rejected Fraudulent Bangladesh Wire Transfers

The Fed initially rejected the 35 requests from hackers to transfer funds from the Bangledesh accounts to overseas recipients because of improper formatting. Hackers resubmitted the requests and the Fed allowed 5 to go through. The other 30 were discovered to be fraudulent while being reviewed for sanctions issues. Critics have raised the issue that the Fed should have rejected the other 5 requests because they were to individuals (a very unusual request) and because the requests contained the same names as other requests that were rejected.

Read the entire article here.

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