Hacked: Hacking Finance


Is Swift Bank Network Losing War Against Cyber Attacks?

Posted on .

Is Swift Bank Network Losing War Against Cyber Attacks?


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…

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

To continue reading you need to be a Gold Member or Platinum Member. Let us help you become financially independent by signing up. You will get access to exclusive stories, analysis, and guides by experienced traders, economists, and entrepreneurs. Learn more about us here.

Log In Join Now for $39 a Month! OR Save $69 by Subscribing for a Year!

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

Feedback or Requests?

Receive New Posts on Email:

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.

A third case a SWIFT member bank in Ecuador revealed…