Hackers Target Ukrainian Bank, Steal $10 Mil over SWIFT
An unnamed Ukrainian bank has lost over $10 million after hackers broke into the systems and stole the money. The banks now have an urgent need for blockchain based fund transfer solutions, as the conventional systems are being frequently compromised. The SWIFT network, which is widely used by the banks across the world for electronic fund transfers has been affected by multiple hacking attacks till date, resulting in huge loss of funds. After the recent hacking incident where hackers stole money belonging to the Central Bank of Bangladesh from US Federal Reserve, a Ukrainian bank has....
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Thankfully, nearly four in five attacks have not resulted in fraudulent transactions taking place. The year 2016 has not been overly positive for the SWIFT payment network. More than a year after the system was used to steal US%81m from the Bank of Bangladesh, security vulnerabilities are still present. Despite issuing a warning to partner banks on November 2nd, the network threat remains “very persistent” and will not go away anytime soon. In a letter issued to SWIFT partners in November, the group indicated there are still lingering vulnerabilities affecting the SWIFT messaging network.....
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SWIFT, also known as the Society for Worldwide Interbank Financial Telecommunication, revealed that banks with weak security systems have been compromised by hackers after the US$81 million Bangladesh Bank heist in February. The organization disclosed in a private letter to customers that hackers from the Bangladesh Bank heist targeted banks with “lax security procedures” to successfully compromise user funds through sophisticated malware and hacking methods. "Customers’ environments have been compromised, and subsequent attempts (were) made to send fraudulent payment....