The SWIFT banking network on Friday updated financial institutions worldwide of new security resources it has developed in the wake of massive fraud. Officials also reminded banks of their role in securing their respective infrastructures.
Banks in Bangladesh, Vietnam and Ecuador have been infiltrated by attackers who stole credentials for the SWIFT system to move out tens of millions of dollars; Bangladesh Bank was the most egregious case where attackers were able to steal more than $80 million. It has been reported that the bank was not running a firewall and was using $10 commodity switches to manage computers connected to the SWIFT network.
SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, is a private network used by financial organizations to send and receive transactions.
Hackers have been targeting banks with weak or non-existent security to steal credentials for the SWIFT network to make fraudulent transactions. In a May 13 statement after the attack on the Vietnamese bank, SWIFT hinted that insiders at the respective banks could also be involved.