SWIFT Communication Exposes Vulnerability in Banking Security Infrastructure

SWIFT Communication Exposes Vulnerability in Banking Security Infrastructure

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....


Related News

$81 Million Cyberheist Underscores Need for Blockchain Security

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....

Evolve or Become Extinct: SWIFT looks at Blockchain

The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between banks that has lasted for 43 years? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973 and has provided financial institutions a means to exchange information about transactions in a secure environment. A majority of banks worldwide use the SWIFT network for international interbank messages. Why is SWIFT so successful? Prior to SWIFT, banks used telex for communications. Telex had inherent....

Authy Vulnerability Exposed, 2FA Users Affected

During security testing a vulnerability was exposed on the Authy app, a two-factor authentication tool. Less than 0.2% of Authy users were affected. An outside security research team discovered the vulnerability which affects users who changed the phone number on Authy accounts since February 2014. The users affected were no longer able to access their original phone and so thus had to prove phone ownership. This process included government issued ID’s. Authy immediately moved to patch the vulnerability and has no evidence the vulnerability was exploited by nefarious characters. Authy sent....

Massive Protests Led to Suspension of SWIFT and Banking Activities in Kyrgyzstan

Kyrgyzstan has suspended the SWIFT system and recommended that banking activities be halted until the severe political unrest in the country stabilizes. Massive protests broke out after parliamentary elections as the opposition stormed government buildings and forced the prime minister to resign. Suspension of SWIFT and Banking Services The National Bank of Kyrgyzstan announced on Wednesday that the SWIFT system has been suspended in the country as the political unrest intensifies. The central bank also “recommends that commercial banks and non-bank financial institutions suspend....

US Banking Regulators Warn About Imminent Swift Breaches

US Regulators are scrutinizing the Swift payment network in light of the recent heists which have taken place. That is not a complete surprise, as there is plenty of cause for concern. Things have gotten so dire; the US regulators have warned banks about more imminent threats to their cyber security. Ever since the various Swift breaches became public knowledge, there has been a lot of concern among financial regulators. Albeit the hackers used smaller banks to gain access to the Swift network, regulators feel the interbank protocol is no longer safe. Swift Is Not Adequately Protecting Its....