Is more money stolen through cryptocurrency hacking or bank robberies?
Is more money stolen through cryptocurrency hacking or bank robberies?
- Cryptocurrency hacking
- Bank robberies
- None of the above
- I don't know
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Voted for
- Bank robberies
In one heist just a couple of years ago, over $100 million was stolen and another $1 billion was only foiled because of bad spelling:
https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery
Just one example. If you're only comparing physical (guns and money bags) bank robberies it's a separate question, but if you include cyber-crime, then bank robberies outpace crypto-hacking by orders of magnitude.
I watched a video on that one and it was pretty cool. But wow, they managed to steal so much without going in with a gun like you see in the movies. Tech is taking over.
Bangladesh Bank robbery
The Bangladesh Bank robbery, also known colloquially as the Bangladesh Bank cyber heist, took place in February 2016, when thirty-five fraudulent instructions were issued by security hackers via the SWIFT network to illegally transfer close to US $1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank. The central bank of Bangladesh is commonly called "Bangladesh Bank" locally. Five of the thirty-five fraudulent instructions were successful in transferring $101 million, with $20 million traced to Sri Lanka and $81 million to the Philippines. The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to $850 million, due to suspicions raised by a misspelled instruction.
A robbery is taking anything of value by force, threat of force, or by putting the victim in fear. Except where hacking is used to extort the value from the bank (say for example by threatening to release sensitive information, or embarrass a bank executive) it's not a bank robbery. The Bangledeshi example is one of larceny and fraud, not robbery.
Voted for
- None of the above
The more money is probably stolen by the bank itself from the customers of the bank. By applying high, unreasonable fees and charges.
You probably pay a (monthly) fee for keeping your bank account.
You probably pay a (yearly) fee for keeping your credit/debit card.
You probably pay a fee every time you send money from your bank account.
You probably pay a fee every time you pay with your credit/debit card in a store.
You probably pay a fee every time you withdraw money from your bank account.
Sometimes the banks are using negative interest rates, which means that you have to pay interests for your deposits.
Maybe there are even hidden fees/charges.
Voted for
- I don't know
and it does not make sense to say "or" and then consider a "third" option.
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Voted for
- Cryptocurrency hacking
Likely―as banks themselves are more likely to be attacked online than in the flesh, and that a physical robbery has several constraints including for example, how much the perpetrator can carry and how much physical cash the branch has on hand.
According to this:
On underground web forums, anyone can freely purchase software to conduct an attack (with detailed "how to" instructions), as well as make the acquaintance of unscrupulous bank employees and money launderers. If properly prepared, an attacker with minimal technical knowledge can steal millions of dollars by penetrating a bank network, although it might seem that such networks should be protected quite well.
You voted for cryptocurrency hacking and then argued for bank robberies. The cybercrime you described is bank theft, not cryptocurrency hacking.
Cryptocurrency hacking is likely more prevalent than bank robbery in light of bank theft by hacking being more prevalent than bank robbery.
Oh, i see. You're distinguishing between bank theft and bank robbery. It makes the original question sort of unusual doesn't it? It would be a completely irrelevant comparison. It's like asking whether more money is earned from picking up dropped coins versus earning regular paychecks.
It's a distinction that already exists in relevant fields such as law enforcement and actuarial risk assessment. I happened to be aware of it, and so I didn't even really think about the terms in a colloquial sense. No, I don't think it make the comparison pointless. But that's up to the asker, I suppose, or whoever chooses to interpret the poll.
I see your point, and in light of the actual definitions I agree with you that cryptohacking would outpace bank robberies, but bank larceny would dwarf them both.
Original question was badly constructed, I think, since a comparison between cryptohacking and regular bank hacking is much more meaningful.
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