Cyber-theft costs banks billions

Financial institutions are, understandably, very tight-lipped about breaches of their security and cash management systems. When Russian hacker Vladimir Levin discovered a way to electronically siphon off more than ten million dollars from Citibank of New York, via computer from his home office in St. Petersburg, Russia, the institution was naturally a bit reluctant to publicize details about the event, nor were they eager to discuss whether similar computer thefts had previously occurred. According to Arnaud de Borchgrave, such cyber-thefts are almost routine in the world of big banking, and the institutions involved often don’t even bother calling on the authorities for help, as they fear investigations could result in unwanted publicity. De Borchgrave estimates that upwards of 150 million dollars electronically vanishes from US banks each month, most of it unreported.

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