Bank’s Swift Server Hacked Highlighting Superiority of Bitcoin’s Blockchain Approach
Swift, the international settlement network which connects 11,000 global banks has likely been hacked according to a report by BAE Systems. “An unknown attacker gained access to the Bangladesh Bank’s (BB) SWIFT payment system and reportedly instructed an American bank to transfer money from BB’s account to accounts in The Philippines.” As part of a sophisticated attack, a malware was installed on a Swift Alliance software server to cover tracks and evade detection by manipulating the security measures. The attackers intended to transfer almost one billion dollars from Bangladesh Bank’s....
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The hacking heist of $81 million from the Bangladesh central bank demonstrates the vulnerability of many banks’ existing financial security platforms that cry for blockchain-based security. Investigators at BAE Systems, a U.K.-based defense contractor, believe the attackers hacked into the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial platform that provides the heart of the global financial system, Reuters reported. SWIFT confirmed it was aware of malware attacks on its client software. Natasha Deteran, a SWIFT spokeswoman, said the cooperative will release....