🚀 ProPicks AI Hits +34.9% Return!Read Now

U.S. banks push SWIFT to boost security after hacks -Bloomberg

Published 18/05/2016, 06:36 am
© Reuters.  U.S. banks push SWIFT to boost security after hacks -Bloomberg
ANZ
-
BAES
-
CRDI
-
UOBH
-

May 17 (Reuters) - Major U.S. banks are pushing the SWIFT messaging network to boost security following cyber attacks in Bangladesh and Vietnam involving fraudulent transfer requests, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Some U.S. banks want to discuss with SWIFT whether it responded quickly enough to the breaches and if it should help banks better secure their systems, Bloomberg cited one unidentified source as saying. U.S. banks expect SWIFT to come up with a technological solution to reduce the risk of further attacks, the report cited a second unidentified source as saying.

SWIFT codes for at least seven international banks were written into malware used in an attack that Vietnam's Tien Phong Bank disclosed over the weekend, Bloomberg reported, citing a private report published by BAE Systems PLC BAES.L . malware was configured to hide transaction messages involving those banks, Bloomberg reported. It said they included Industrial & Commercial Bank of China Ltd 601398.SS , Bank of Tokyo Mitsubishi UFJ Ltd MTFGTU.UL , UniCredit SpA CRDI.MI , Australia & New Zealand Banking Group Ltd ANZ.AX , United Overseas Bank Ltd UOBH.SI of Singapore, South Korea's Kookmin Bank KOOKM.UL , and Japan's Mizuho Bank Ltd MZFGAE.UL .

The revelations that such banks were mentioned in the code raised concerns of global lenders because they show that the attackers were not focusing solely on small banks in developing nations, Bloomberg reported, citing people familiar with several banks in the U.S. and Europe.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.