SWIFT network is aware of multiple cyber fraud threats

On Monday, the global financial network, SWIFT, actively used by all the banks of the world to send billions of dollars daily, officially warned its customers that it was already aware of recent cyber incidents, and in particular, flocks of fraud messages sent over the system.

The disclosure arose as law enforcement authorities in Bangladesh as well as other countries conducted an investigation of February’s cyber theft of about $81 million right from the Bangladesh central bank account at the New York Federal Reserve Bank. In fact, SWIFT has already acknowledged that the criminal scheme actually involved altering SWIFT software on Bangladesh Bank’s computers in order to hide evidence of fraud transfers.          

Then, Monday’s statement from the most popular financial network marked the very first acknowledgement that the Bangladesh Bank cyber attack didn’t appear to be an isolated incident of that kind, but one of several recent fraud schemes, aimed at taking advantage of the world’s messaging platform employed by up to 11,000 financial institutions. 


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