Federal Home Loan Bank of New York stops a fraud attempt traced to a compromised fourth-party vendor

The Federal Home Loan Bank of New York, a cooperative lender to member financial institutions, disclosed on March 1, 2024 that its controls had caught unknown persons trying to obtain funds from the bank on February 21. The bank traced the attempt to a compromised vendor of one of its vendors.

What the bank reported

Its filing identified the entry point as a fourth party.

The bank stated plainly that the attempt failed. It added that its own networks were not compromised and that members could keep transacting with it. Unlike most Item 1.05 filers in this log, the bank went further than saying it had not yet determined financial impact: it said it believed the incident would not be material.

Why it stands out

This is one of the few filings in the log where no data theft, encryption or outage is described; the event disclosed is a failed attempt to move money. The filing does not name either vendor, and it does not explain why the bank chose to report the attempt under Item 1.05.