SWIFT, the provider of a network that moves hundreds of billions of dollars daily worldwide, said hackers used malware to target bank funds in recent cyberattacks, one of which resulted in an $81 million theft.
On Feb. 4, hackers used the SWIFT messaging system of Bangladesh's central bank systems to submit 35 payment requests to the Federal Reserve Bank of New York, transferring $101 million to bogus accounts in the Philippines' Rizal Commercial Banking Corporation and a Sri Lanka-based financial institution.
The New York Fed became suspicious and denied 30 of the requests, but not before the release of $81 million to a foreign exchange broker.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
