Hacker attacks on SWIFT payments

hacker at work with graphic user interface around81 million US dollars – criminals have stolen this enormous sum from the central bank of Bangladesh, not in a movie-style heist but very quietly via hacking. The thieves made more than 30 bank transfers from the account of the Bangladesh Bank at the New York Federal Reserve Bank (Fed) to Philippine accounts. This case and others show that inter-bank payments are a lucrative target, and that the security of the SWIFT international financial network is vulnerable. Penetrating this network certainly requires a lot of effort, however the loot that can be expected is even greater. In view of such professional attacks, the security of payments is at the top of the agenda once again. Continue reading