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| Author: | Cooke, S. |
| Title: | Carry on swindling |
| Journal: | Euromoney
1995 : NOV, 11, p. 28-37 |
| Index terms: | MONEY ARBITRAGE CO-OPERATION |
| Language: | eng |
| Abstract: | Over five months last year, a gang of Russian fraudsters robbed one of the world's biggest banks - not once, but again and again and again. Stephanie Cooke looks at the system that let it happen and asks, have banks learned anything from the affair? The famous American bank-robber Willie Sutton once confessed that it was "a rather pleasant experience to be alone in a bank at night". Imagine the thrill of being inside a bank's cyberspace. Sitting at his computer in St. Petersburg late one night last year, a Russian bank-robber managed to move more than half a million dollars from the accounts of Citibank customers in Jakarta and Buenos Aires to accounts at Bank of America in California. |
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