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US$10 Million Stolen from a Ukrainian Bank using the Swift Network

Hackers used the Swift network to steal US$10 million from an unnamed Ukrainian bank. Ukraine's central bank urged lenders in April to review security procedures, saying thieves had attempted to steal money from a Ukrainian bank using fraudulent Swift transfers. The warning, issued on April 28, did not identify the bank or say if the cyber attack had been successful, but said it had been similar to the theft in February of US$81 million from Bangladesh's central bank. The Ukraine central bank issued a country-wide warning regarding a smaller bank being targeted by hackers.

For the time being, the targeted Ukrainian bank has not been named in any official reports. One thing is certain that, though hackers would not stop such attacks until all Swift-connected banks implement proper security measures. It is interesting how the assailants keep targeting these smaller institutions to access the Swift network, as the latter one seems to be impenetrable through a direct attack. This is a very worrisome trend for everyone in the world who is using a bank account. It is impossible to predict where hackers might try to strike next. Even though financial institutions are on high alert, social engineering attacks can still be executed successfully. The banking system is under threat, and inadequate cyber protection will push more people towards Bitcoin and other alternative solutions. Swift has announced that it plans a new program to improve security and also wants banks to drastically improve information sharing.

News Characteristics

Date : Jun 30, 2016
Region : Europe
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk