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May 22, 2016

Is Swift Bank Network Losing War Against Cyber Attacks?

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 its user connections are its weakest link and is in need of [...]

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