Cyber Fraud Incidents Targeting SWIFT Systems

Hi guys,

The Philippine governor said that its central bank has attempted to foil hacker attackers on its website. The global financial network SWIFT recently warned multiple cyber fraud incidents targeting its system.

The SWIFT disclosure was followed by the investigation by the law enforcement authorities in Bangladesh and elsewhere on the February cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank.

The governor said that the hacking only involved its website and that it has been updating its cyber security systems but he did not talk about when the hacking occurred.

Apparently the $81 million hacked from the New York Fed account of Bangladesh’s central bank has wound up in two casinos and a junket operator in the Philippines. Now investigators are looking into how that took place.

The vulnerabilities of the Bangladesh’s central bank has been caused by a lack of a firewall and use of $10 switches to network computers connected to the SWIFT network.

Despite the bank heist controversy, the Philippine central bank believes the country’s banking system remains strong.

After a separate website hacking incident, Philippine banks and financial institutions have been directed to strengthen their know-your-customer. In this attack, the hackers leaked voters’ personal information from the poll body, raising concerns about the possibility of identity theft.

Until next time…


Source: Akati

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