Hacked: Hacking Finance

Breaches

Is Swift Bank Network Losing War Against Cyber Attacks?

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Is Swift Bank Network Losing War Against Cyber Attacks?

Introduction

This article was posted on Sunday, 13:24, UTC.

Swift, a global money transfer network used by banks, has suffered gaps in security standards that have resulted in at least three breaches – in Vietnam, Bangladesh and Ecuador, according to The Wall Street Journal. The hackers were able to gain access to Swift access codes and deliver authenticated yet fraudulent fund transfer requests. The network did not become aware of the incidents in Ecuador or Vietnam until after the fact. Hackers stole $9 million from an Ecuador lender last year and $81 million from the central bank of Bangladesh in February. A former Swift official said the network has known…

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Lester Coleman

Lester Coleman

Lester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments.

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A third case a SWIFT member bank in Ecuador revealed…