Recent hacks highlight the vulnerability of the cross-border payments system

  • Security at Bangladesh’s central bank was outdated and inadequate.
  • The thieves hacked into the bank’s system, used malware to log on to the SWIFT network using the bank’s unique code, and re-routed transactions to new beneficiaries.
  • SWIFT insists its network and core messaging services were not breached; the security problems were at the banks themselves, it says.
  • The American bank is fighting the action.
  • The thefts expose weaknesses in a vital bit of financial plumbing: banks’ connections to the SWIFT network.

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@julie_segal: “Could the #Swift network really be replaced by # Blockchain? #Cybercriminals & banks @economist”


Recent hacks highlight the vulnerability of the cross-border payments system


Recent hacks highlight the vulnerability of the cross-border payments system