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Banks Still Losing Money through SWIFT Attacks

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Banks Still Losing Money through SWIFT Attacks

Introduction

This article was posted on Wednesday, 21:56, UTC.

It has been half a year since the now infamous bank heist that saw the Bangladesh Central Bank lose over $80 million from its New York Federal Reserve account. Hackers were able to exploit the bank’s lax security framework with SWIFT transfers, at the time. Things haven’t changed much, SWIFT privately disclosed to its client banks. SWIFT, the co-operative owned by banks and responsible for connecting the global banking system is urging its clients to improve their security framework after privately disclosing that cyber-heists are still costing its member banks. The attacks are fundamentally targeting the banks’ connectivity to the…

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Samburaj Das

Samburaj Das

Samburaj is the contributing editor at Hacked and keeps tabs on science, technology and cyber security.

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