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Dumb mistake costs hackers a $1 billion score

Dumb mistake costs hackers a $1 billion score
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Your elementary school teacher was right: Spelling is important. In fact, one hacking group found that out in a spectacular way last month when a single typo cost it the score of a lifetime.

The job started out smoothly enough with a digital break-in of Bangladesh's central bank. Once inside, the unknown hackers started requesting multiple money transfers from the New York Federal Reserve to front companies in Southeast Asia. The first four transfers, which totaled $81 million, were approved. However, on the fifth transaction, there was a bit of a problem.

The hackers requested that the money go to a Sri Lankan non-profit called the "Shalika Foundation." Unfortunately for them, they spelled it "Shalika Fandation."

That typo prompted Deutsche Bank, which was routing the money, to do a little digging and realize that the "Shalika Foundation" didn't exist. From there, the entire scheme quickly unraveled and the Bangladesh central bank kicked the hackers out of its systems.

The banks involved then shut down the remaining transactions, which would have netted the hackers a staggering $870 million. Of course, at the end of the day, the hackers still made off with $81 million, making this one of the largest bank heists in history.

However, at least one hacker should use his or her share of the loot to take a few remedial spelling courses, or buy a few Word of the Day calendars for their mansion.

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Source: Time
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