Hey. Brady here again.
First, accept our apologies if you visited our site only to encounter an error yesterday. We’ve been seeing a surge in traffic, so the pipes were clogged. We’re making upgrades. Thank you for your patience.
Now, back to our rotation. We encountered an interesting case where a conventional bank wasn’t able to keep up with changes in the ways people interact with platforms, and a lot of money was lost in the process.
In all, 40,000 Bank of Thailand customers lost a total of THB 130 million, or USD 3.9 million. It isn’t exactly clear how this happened, but the execution involved a lot of low-value transactions, many of which were around one dollar.
This raises a couple questions: Why didn’t the bank flag these transactions and send alerts to account holders, particularly if so many were taking place in rapid succession? And how exactly did a malicious party gain access to account holder information in the first place?
The theft wasn’t sophisticated—it was an exploit that was executed in the right place, at the right time, against targets that didn’t have their guard up.
Stephanie had the full story. You can read it here.
Daily Roundup
Fraudsters are ready to hit the year-end shopping season, here’s how to avoid them.
Xpeng-backed flying car company HT Aero raises USD 500 million.
India’s D2C brands ride high on VC support and digital adoption.
Two top executives quit mobility giant Ola ahead of its early 2022 IPO.
Alibaba emerges on shortlist to rescue chipmaker Tsinghua.
Event Highlight
From October 19 to 22, Alibaba Group’s Apsara Conference brings together China’s thought leaders, experts, and decision-makers to weigh in on all things tech. Check out the 100+ panels and new solutions debuting at the event!
Leading the future with autonomous mobility | Apsara Horizon 2021.
Future interaction in a digital world | Apsara Horizon 2021.
Healthcare and wellness with robots | Apsara Horizon 2021.