Clients Receive Warning from SWIFT, May Relocate Bank Users to Bitcoin
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....
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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it is looking at the blockchain technology that powers Bitcoin as part of new global money transfer initiative. SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. The majority of international interbank messages use the SWIFT network, and SWIFT bank identification codes are routinely used by consumers to identify the recipient bank in wire transfers. According to the SWIFT....
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.....
The National Bank of Hungary (MNB) has issued a public statement warning citizens who use or invest in cryptocurrencies such as bitcoin, citing their unregulated nature amid increasing instances of high-return investment schemes abusing the cryptocurrency. Roughly translated, the warning read: The so-called cryptocurrency issuers typically operate via the web with extensive marketing tools and the promise of high yields, targeting uninformed users into the system (scheme). Published yesterday, the MNB warned users looking to invest in virtual currencies that they are outside the purview of....
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.....
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....