SINGAPORE (Sept 2): When HSBC Holdings thwarted a US$500 million ($694 million) central-bank heist, sophisticated computer software did not raise the alarm. The funds flowed undetected from Angola’s reserves to a dormant company’s account in London. It was a teller at a suburban bank branch who became suspicious, declined a request to transfer US$2 million, and triggered a review that uncovered the scam, according to one account of the episode.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $4.99/month*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

SUBSCRIBE NOW