SWIFT

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In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to prevent fraudulent transfers in real time.

SWIFT reported that the new tools integrate into the SWIFT system directly without the need for new hardware or software and allow financial institutions to screen SWIFT message flows according to a set of pre-defined parameters. Suspicious money transfer requests would be immediately flagged and can be reviewed by a financial institution before processing.
Continue Reading SWIFT Shores Up Network Security With Real Time Cybersecurity Tools

On January 17, 2017, officials in Farmington, Connecticut disclosed that the town was recently the victim of a multi-million dollar theft likely perpetrated by sophisticated cybercriminals operating in China. The thieves intercepted a $2 million dollar Automated Clearing House (ACH) transfer that was intended as payment to a local company for work on a large town project.

The theft, which serves as a stark reminder to organizations of the need to assess and update their money transfer internal controls, is the latest in a string of cyber fraud schemes exploiting ACH, Society for Worldwide Interbank Financial Telecommunication (SWIFT), and other money transfer systems. Similar thefts of municipal money have been reported in Kansas, Texas, and New Hampshire, and attacks on banks in Ukraine, Bangladesh, and Ecuador have resulted in losses ranging from $10 million to $81 million.
Continue Reading Connecticut Town Struck by Cyber Fraud

As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. issued a joint letter last week to Representative Carolyn Maloney (D-NY) of…

An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers stole approximately $10 million by breaking into the Ukrainian bank’s internal network and submitting fraudulent money orders via SWIFT, the messaging system responsible for…

Following a series of thefts from international banks utilizing the Society for World Interbank Financial Telecommunication (SWIFT) communication system, the Chief Executive Officer of SWIFT announced a sweeping five part plan to “reinforce the security of our shared global financial system.” The five part plan includes:

  • Improve information sharing among the global financial community;
  • Harden

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