# Typical cases of fraud by financial institutions I understand that you want to understand the specific process of financial institutions being defrauded. The following are some famous cases and how they work： ## 1. Social engineering attack case -**Central Bank of Bangladesh incident (2016)**: Hackers successfully transferred US881 million by obtaining credentials from the bank's SWIFT system and sending a seemingly legitimate transfer request to the New York Federal Reserve. The attacker took advantage of the time difference between Friday night and the Bangladesh weekend holiday to perform the operation, and modified the printer settings to delay discovery. ## 2. Insider fraud -**Societe Generale case (2008)**: Trader Jerome Corville used his in-depth understanding of the trading system to create false hedging transactions, which ultimately caused a loss of 4.9 billion euros. He is familiar with the internal control process and can avoid supervision. ## 3. Loan fraud -**Punjab National Bank of India Case (2018)**: Jeweler Nirav Modi used bank insiders to create unauthorized letters of credit in the SWIFT system, defrauding approximately US11.8 billion in loans, evading conventional approval processes and mortgage requirements. ## 4. Phishing and Malware attacks -**Austrian aviation parts manufacturer FACC case (2016)**: The finance department received an email disguised as the CEO requesting an urgent transfer of 50 million euros for a "secret acquisition project", which violated the normal payment approval procedures. Please note that the purpose of understanding these cases should be to strengthen the security awareness and preventive measures of financial institutions, not for improper purposes.