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Business Matters: Bangladesh Hack 'Targeted Bank System'

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Bangladesh Hack 'Targeted Bank System'

26/04/2016 GMT

BBC World Service - Business Matters, Bangladesh Hack 'Targeted Bank System'

Hackers exploited a vulnerability in the SWIFT system for international payments

Two months ago, fraudsters stole $81 million dollars from the central bank of Bangladesh. Hackers exploited a vulnerability in the SWIFT system for international payments.

It was the biggest cyber bank raid in history and now there are warnings that other financial institutions could also be at risk of hacking attacks. Two months ago, fraudsters stole $81 million dollars from the central bank of Bangladesh, prompting the resignation of its governor. Hackers exploited a vulnerability in what is known as the Swift system for international payments - which is relied on by banks around the world. They came close to stealing a billion dollars in the heist. Swift has since warned that there have been multiple incidents where attacks have sent fraudulent messages over its network to customers. Swift has created updates or patches to close the loophole - but banks need to install the fix. Dr Daniel Dresner, a cybersecurity expert at Manchester University, explains how swift payments work.

Is Saudi Arabia addicted to oil? The powerful Prince in charge of overseeing the country's economy thinks so. Deputy Crown Prince Mohammed bin Salman today unveiled ambitious plans to transform Saudi Arabia into a global investment power and end its reliance on the black stuff. John Sfakianakis, a former adviser to the Saudi economic minister and now director of economics at the Gulf Research Center out of Riyadh, tells us how. 

One of the world's largest investment banks is so aware of the growing appetite to minimise risks - that its slogan for its new retail arm is, ''Welcome to peace of mind savings.'' Wall street based Goldman Sachs has built itself a reputation as a financial powerhouse serving billionaires and huge companies undertaking mega mergers. But now it is going after customers who want to open an account with as little as one dollar. We ask Daniel Latimore, a senior banking analyst with Celent research, what is behind the move into online retail banking?

And, women trail men in most countries in terms of opportunities, senior roles, and pay. According to the Office for National Statistics here in the UK, the gap between men and women's pay for full-time workers was 9.4% in April last year, compared with 9.6% in 2014. So a very gradual change. But will pay rates and opportunities ever even up? Lucy Kellaway of the Financial Times isn't hopeful. 

We are joined by two guests on opposite sides of the Atlantic - Simon LIttlewood of Asia Now consulting in the studio in London and Dante Disparte, CEO of Risk Co-operative, in Washington DC.

(Photo: Man types on a keyboard. Credit: Reuters)

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