Banking Heroes: Stopped a $20 Million Cyber Theft

Inside the gripping international drama that nearly cost Bangladesh a billion dollars — and the unlikely heroes who stopped it cold

A Billion-Dollar Bombshell

In February 2016, cybercriminals launched a bold attack on Bangladesh Bank’s systems, aiming to steal nearly $1 billion from its account at the Federal Reserve Bank of New York. Using stolen credentials, they fired off dozens of fraudulent transfer requests, hoping to funnel money into accounts in the Philippines and Sri Lanka.

While four of these transfers—totaling $81 million—went through to the Philippines, a fifth suspicious $20 million transfer to an obscure Sri Lankan NGO named Shalika Foundation hit a wall. That wall? A handful of sharp-eyed professionals at Pan Asia Banking Corporation (PABC).

The Sri Lankan Watchdogs Who Raised the Alarm

At PABC, something didn’t sit right. The transfer details were odd. The recipient, questionable. The timing, strange. The bankers trusted their instincts—and their strict verification protocols.

Instead of approving the transfer, they froze it.

That single decision stopped the hackers in their tracks and blew the lid off what would become one of the largest cyberheists in banking history.

A Decisive Act That Saved Millions

On Thursday, Bangladesh Bank honoured the officials from Pan Asia Bank for their integrity, vigilance, and unwavering professionalism. At a ceremony attended by Bangladesh Bank’s Governor, the Inspector General of Police, and the Sri Lankan High Commissioner, officials expressed deep gratitude.

Deputy Governor Md Habibur Rahman praised the Sri Lankan team for preventing what could have been a massive breach, saying, “Their integrity protected not just monetary assets, but also reinforced the values that bind the global financial community.”

Governor Ahsan H Mansur added, “This ceremony goes beyond recognition. It is a tribute to ethics, prudence, and human values that transcend borders.”

A Lesson in International Cooperation

The event also highlighted the growing partnership between Bangladesh and Sri Lanka. It wasn’t just a financial rescue—it was a moment of regional unity, emphasizing shared commitments to cybersecurity, financial regulation, and mutual support in times of crisis.

Inspector General Baharul Alam thanked the Sri Lankan bankers for their help when Bangladeshi investigators arrived in Colombo to trace the money trail.

A Wake-Up Call for the Banking World

This story isn't just about a transaction that got stopped. It's about what can happen when institutions take cybersecurity seriously and empower their people to question what doesn’t feel right.

The actions of a few bank officials in Colombo helped expose an international cybercrime ring and saved Bangladesh Bank from a much larger disaster.

Final Word

They didn’t make headlines back in 2016. But nearly a decade later, they’re finally getting the recognition they deserve.

Pan Asia Bank didn’t just protect $20 million. They defended trust in the global financial system—and they did it with quiet courage and unwavering integrity.

Bangladesh remembers. The world should too.