SWIFT Confirms Another Malware Attack

SWIFT Confirms Another Malware Attack

May 17, 2016         Written By Natalie Rutledge

SWIFT has confirmed that hackers have once again used its system to attack a commercial bank.

Belgium-based SWIFT, which allows corporations to complete financial transactions using messages, said the cybercriminals were able to access the bank’s system using valid codes. However, no funds were stolen.

“Forensic experts believe this new discovery evidences that the malware used in the earlier reported customer incident was not a single occurrence but part of a wider and highly adaptive campaign targeting banks,” SWIFT said in a statement.

Recently, Bangladesh central bank’s account at the Federal Reserve Bank of New York was successfully attacked, and SWIFT recently told customers that there have been a “small number of recent cases of fraud at customer firms,” according to PYMNTs.com.

The most recent attack, which actually predates the Bangladesh breach, was uncovered by third-party experts. Both attacks have two things in common: Messages were sent via the SWIFT platform, and the hackers were able to cover their tracks using malware.

The Wall Street Journal also reported that the FBI believes insiders may have assisted with the Bangladesh attack, and SWIFT warned banks of “malicious insiders.”

The information contained within this article was accurate as of May 17, 2016. For up-to-date
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About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com
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