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Weekends are for ... fraud?

Tom Fox | March 21, 2016

Once upon a time there was an advertising campaign for Michelob beer that said “Weekends were made for Michelob.” I thought about that iconic phrase when reading about the initial investigations around the fraudulent transfer of money from the bank account of the Central Bank of Bangladesh, out of the Federal Reserve Bank of New York, in a recent piece in the Wall Street Journal

The theft occurred in early February, but here is where it gets very interesting. The money was wired out from the Fed on a Friday. In Bangladesh, the weekend is Friday and Saturday. It turned out that the Fed had sent out 35 separate requests for confirmation that the requests were legitimate and requesting the Bangladesh central bank to reconfirm the initial requests to transfer the money. However, “The computer terminal that connected Bangladesh’s central-bank computers to...

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