Share Information On Hacks, Swift Tells Banks

International financial messaging service Swift told clients on Friday to share information on attacks on the system to help prevent hackings, after criminals used Swift messages to steal $81 million from the Bangladesh central bank.

Earlier on Friday it was reported that Wells Fargo, Ecuador’s Banco del Austro and Citibank, whose Managing Director, Franchise Risk & Strategy, Yawar Shah, is Swift’s Chairman, did not inform Swift of an attack last year in which over $12 million was stolen from BDA.

The banks and Shah all declined to comment.

Swift Tells Banks to Share Information on Hacks

Banks use secure Swift messages for issuing payment instructions to each other. The network is considered the backbone of international finance but faith in its security has been rocked by the theft from Bank Bangladesh’s account at the Federal Reserve Bank of New York.

Swift said in a communication to users on Friday that they should “immediately inform Swift of any suspected fraudulent use of their institution’s Swift connectivity or related to Swift products and services.”

Swift is especially concerned about the use of malware to access interfaces with the Swift network. The Belgium-based co-operative, which is owned by its user banks, said it needed technical information from systems which have been compromised with malware to better understand the risks of attack.

Malware was used in the hacks on Bank Bangladesh in February and in the BDA case in January 2015.

“It is essential that you share critical security information related to Swift with us, “Swift said.

Previous ArticleNext Article
Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

Leave a Reply

Your email address will not be published. Required fields are marked *