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Swift calls on banks to report hacks

In the wake of the US$ 81 million Bangladesh Bank hack, SWIFT is calling on clients to be more forthcoming in reporting attacks on its system. The request comes as Reuters reports that three banks involved in a US$ 12 million attack last year failed to inform the messaging network. In a communication to users on Friday, 20th May, SWIFT says that they should immediately inform SWIFT of any suspected fraudulent use of their institution’s SWIFT connectivity or related to SWIFT products and services.

Meanwhile, details of another SWIFT-related attack have emerged. According to Reuters, last year Wells Fargo approved at least 12 transfers worth US$ 12 million of funds that were requested over the SWIFT network. Wells thought that the requests came from Ecuador's Banco del Austro (BDA), sending its money to accounts in Hong Kong. But both banks now believe that the funds were stolen, according to documents filed by BDA in a lawsuit against Wells Fargo, arguing that the US bank should have flagged the transfers as suspicious. Wells says that the theft was possible because hackers managed to get ahold of a BDA staffer's SWIFT login credentials, reports Reuters. BDA says that a similar issue saw Citi transfer US$ 1.8 million after fraudulent requests through the Ecuadorian bank's SWIFT terminal, but Citi repaid the money.

News Characteristics

Date : May 21, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk