Ecuador bank named as third potential victim of Bangladesh-style hackers

Banco del Austro, an Ecuador-based bank, has been named as a potential third victim of hackers using SWIFT systems to gain access to cash.

In lawsuit filed in January 2015 and reported on by the Wall Street Journal, Banco del Austro blamed Wells Fargo & Co for failing to identify “red flags” in several transactions occurring at the bank.

Around $12 million was stolen by the cybercriminals, with much of it being transferred to banks in Hong Kong. Banco del Austro reported that it had managed to recover just $2.8 million.

More of the cash was transferred to Los Angeles and Dubai-based banks, which received $1.5 million and $1 million respectively.

The modus operandi of the hackers is very similar to those who stole $81m from Bangladesh Bank earlier in the year. According to a filing on behalf of Banco del Austro: “For each of the unauthorized transfers, an unauthorized user, using the Internet, hacked into BDA’s computer system after hours using malware that allowed remote access, logged onto the Swift network purporting to be BDA, and redirected transactions to new beneficiaries with new amounts.” For the full article click here 

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