23 October 2016

Our Community

Reuters: SWIFT discloses more cyber thefts, pressures banks on security

SWIFT, the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February's high-profile $81 million heist at Bangladesh Bank, Reuters reported. 


In a private letter to clients, SWIFT said that new cyber-theft attempts - some of them successful - have surfaced since June, when it last updated customers on a string of attacks discovered after the attack on the Bangladesh central bank, Reuters wrote

The disclosure suggests that cyber thieves may have ramped up their efforts following the Bangladesh Bank heist, and that they specifically targeted banks with lax security procedures for SWIFT-enabled transfers, as noted in the report.

The Brussels-based firm, a member-owned cooperative, indicated in Tuesday's letter that some victims in the new attacks lost money, but did not say how much was taken or how many of the attempted hacks succeeded. It did not identify specific victims, but said the banks varied in size and geography and used different methods for accessing SWIFT, according to the report.

A SWIFT spokeswoman declined to elaborate on the recently uncovered incidents or the security issues detailed in the letter, saying the firm does not discuss affairs of specific customers.

All the victims shared one thing in common: Weaknesses in local security that attackers exploited to compromise local networks and send fraudulent messages requesting money transfers, according to the letter.

SWIFT told banks Tuesday that it might report them to regulators and banking partners if they failed to meet a November 19 deadline for installing the latest version of its software, which includes new security features designed to thwart the type of attacks described in its letter, Reuters wrote. 

If you notice a spelling error, please highlight it with your mouse and press Ctrl+Enter
Read also



Do you like the new site?
Leave your opinion