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More than 11,000 Global Banks on HIGH ALERT!#

Nearly 11,000 Banks and other financial institutions around the World use SWIFT system to send securely and receive payment instructions through a standardized system of codes.

Recently, Bangladesh police investigators uncovered evidence revealing that the Bank was using second-hand $10 network switches without a Firewall to run its network, which offered hackers access to the bank's entire infrastructure, including the SWIFT servers.

Now, researchers from British defense contractor BAE Systems reported Monday that the Bangladesh Bank hackers used a piece of sophisticated, custom-made malware to manipulate logs and erase the history of the fraudulent transactions, which even prevent printers from printing the fraudulent transactions.

The malware also has the capability to intercept and destroy incoming messages confirming the money transfers. These malware capabilities prevented hackers to remain undetected.

"This malware appears to be just part of a wider attack toolkit and would have been used to cover the attackers' tracks as they sent forged payment instructions to make the transfers," security researcher Sergei Shevchenko wrote in a blog post.

When and How Did They Get Detected?#

The hackers had attempted to steal $951 Million in total from Bangladesh central bank account at the Federal Reserve Bank of New York using fraudulent transactions, but a simple typo (spell error) by hackers halted the further transfers of the $850 Million funds.