SWIFT to Expose Bank Security Flaws Following New Hacks
In what is becoming a grimly regular occurrence, SWIFT has confirmed further hacks to its member banks, with even more customer cash stolen. SWIFT: Threat ‘Persistent, Adaptive, Sophisticated’. The news, shared by SWIFT in a memo this week, follows several hacks this year, resulting in stolen funds. The first — and most high-profile — attack involved....
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Reuters has reported that the Philippine central bank is becoming a big proponent for cyber security and may soon regulate Bitcoin operators located within the region. Philippine Central Bank says Cyber Security is a Focus. A senior official told press that banks need better defenses after the wake of the recent SWIFT and Federal Reserve breaches.....
It will take several months, if not years, before all of the details regarding this Swift heist see the light of day. The story regarding the Bangladesh bank heist as part of an attack on the Swift payment network is far from over. As it turns out, the Federal Reserve blocked all 35 transactions executed by unknown assailants in February of 2016. However, four of those transfers got through after a second attempt, despite still being labeled as suspicious. Anonymous sources told Reuters how the Federal Reserve was intervening when the Bank of Bangladesh was dealing with a security breach.....
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....
A recent letter sent by SWIFT to its partner banks calls for the implementation of latest security measures following increased cyberattacks. When it comes to security, the conventional financial system is no better, if not worse off than the Bitcoin ecosystem. The latest communication sent out by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to all its member banks specifically highlights that. SWIFT is one of the leading global banking networks that facilitates fund transfers between banks across the world. The notice to member banks lists few hacking attempts on....
Coinbase and and Coinfabrik join forces, Jaxx integrates with ShapeShift, and more bank heists may be on the way. Want to see what you’ve been missing? Take a look at some of this week’s Bitcoin news below. BANK SECURITY. Banks are once again being warned of potential cyber-attacks. This time, the warning comes in light of the hacks that occurred within banking institutions tied to the Swift network, whom US regulators claim cannot do enough to protect its partners. The US Federal Financial Examination Council is warning all banks that the time has come to take matters into their own....