Bank robberies can range from small-scale and individual to large-scale and elaborate, with billion-dollar heists requiring careful planning and extensive resources.
The Bangladesh Bank heist, orchestrated by hackers connected to the North Korean government, involved exploiting human errors, utilizing money laundering techniques, and raising concerns about nation-states engaging in financial cyber attacks.
Deep dives
Overview of Bank Robbery Targets
The podcast episode explores different levels of bank robberies based on the amount of money targeted. The smaller robberies, ranging from a few hundred to a thousand dollars, involve only one person and minimal risk. Larger robberies, targeting hundreds of thousands of dollars, require more elaborate plans and include holding up the entire bank. The goal of some individuals is to carry out a million-dollar bank robbery, which demands careful timing and more resources. The episode ultimately focuses on a group attempting a billion-dollar bank robbery, which is the highest level of bank heist.
Hacker Strategy and Infiltration
The bank robbery in question involves hackers, with their plan to infiltrate the banking system rather than physically robbing a bank. They target the Bangladesh Bank and gain access to its network through a phishing email. Once inside, they explore the bank's network, establish persistence, and locate the computer running the SWIFT software responsible for international bank transfers. By impersonating authorized users, they successfully transfer funds to their own bank accounts.
The Role of Human Error and Money Laundering
The hackers encounter human errors along the way that both aid and hinder their efforts. They manipulate the bank's printer and delete evidence to conceal their activities. The hackers arrange for payouts to be split into multiple transfers, utilizing money laundering techniques to avoid raising suspicions. They open bank accounts in the Philippines and transfer stolen money to these accounts. Additionally, they utilize casinos in the Philippines to further launder the funds.
The North Korean Connection and International Implications
The podcast reveals that the hackers behind the bank robbery are linked to the North Korean government, specifically the Lazurus Group. This group is known for conducting cyber attacks on behalf of the North Korean government. The Lazurus Group is responsible for several high-profile cyber attacks, including the Sony Pictures hack. The podcast further highlights the concern surrounding a nation-state engaging in bank robberies for financial gain, particularly due to the difficulty of attributing and apprehending these hackers.
A bank robbery with the objective to steal 1 billion dollars. This is the story of the largest bank robbery in history. And it was all done over a computer.
This episode was sponsored by IT Pro TV. Get 65 hours of free training by visiting ITPro.tv/darknet. And use promo code DARKNET25.
Support for this episode comes from Blinkist. They offer thousands of condensed non-fiction books, so you can get through books in about 15 minutes. Check out Blinkist.com/DARKNET to start your 7 day free trial and get 25% off when you sign up.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode