New Hacking Tactics Are Threatening SWIFT

The global bank transfer system, SWIFT, has had a rough year. They were hacked multiple times in 2016, and lost millions of dollars. In February 2016, for example, thieves successfully stole $81 million from a Bangladesh bank through cyberattacks. However, not all cyberattacks led to a loss of funds. The hackers targeted several banks last summer that didn’t lose funds because they found the fake payment requests to be questionable.

As these hacking tactics further improve, financial institutions and services will have to adapt by continuing to strengthen their security. If they fail to respond in a timely manner, or don’t take the necessary precautions, they’ll likely continue to see a steady increase in cyber threats. That’s why it’s important to be aware of the latest cyber threats and attacks, in addition to the latest malware, so that you can take the necessary precautions to protect your devices. Click here to scan your device for malware now:

“SWIFT” stands for the “Society for Worldwide Interbank Financial Telecommunication.” More specifically, SWIFT is a global financial messaging service that allows financial institutions to send and receive sensitive information regarding financial transactions. They also sell financial software and offer a variety of services, such as training and consulting. Their messaging service, products, and additional services are used by more than 11,000 organizations in more than 200 countries. Further, they handle trillions of financial transfers daily. All of this information is stated to show that the multiple, large-scale cyber attacks targeting SWIFT are a major issue.

The Hacking Tactics Used on SWIFT

SWIFT has been targeted by multiple new hacking tactics, which they addressed in a letter a few months ago. In this letter, they warned banks of the cyber threats and attacks to their company, and how these threats are growing. They described these threats as “persistent, adaptive, and sophisticated.” They also expected their customers to respond appropriately to the cyber threats, by implementing various SWIFT-approved security measures. SWIFT is expected to regularly check in with their customers to ensure that they are taking the necessary precautions.

SWIFT revealed that one of the new hacking tactics being used is to target technicians’ software. This software is used for technical support purposes, and gives the hackers access to the computer system. Thieves have also been able to initiate financial transfers by sending fake payment instructions to banks through SWIFT. This was the same tactic used to steal millions from the Bangladesh bank.