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 SWIFT messaging network, particularly [...]
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 [...]
SWIFT, the financial inter-banking system used by thousands of banks around the world has revealed that cyber-thieves have yet again stolen from a bank that is a part of the SWIFT network.
An undisclosed bank is the second known target of cybercriminals who are likely to have also been involved in the infamous Bangladesh bank heist which saw $81 million stolen from the bank’s NY Fed Reserve account.
A malware targeting a PDF reader that is routinely used by a bank to check its statement messages has been revealed as the cause for the second heist. The criminals are targeting banks that receive PDF reports of payment confirmations. When the malware is installed, it [...]
Inter-banking system SWIFT has released a statement that firmly denies any responsibility in the $81 million cyber heist that saw the Bangladesh Central Bank lose its funds from its NY Federal Reserve account. The statement is in response to allegations from the Bangladesh Police Department that SWIFT is partly to blame for the cyber heist.
SWIFT has issued a response to comments wherein law enforcement authorities in Bangladesh asserted that SWIFT technicians had introduced security vulnerabilities into the banks’ network. The introduction of security holes, Bangladeshi police assert, occurred when technicians were trying to connect SWFT to Bangladesh’s real-time gross [...]