SWIFT, the provider of a network that moves hundreds of billions of dollars daily worldwide, said hackers used malware to target bank funds in recent cyberattacks, one of which resulted in an $81 million theft.
On Feb. 4, hackers used the SWIFT messaging system of Bangladesh's central bank systems to submit 35 payment requests to the Federal Reserve Bank of New York, transferring $101 million to bogus accounts in the Philippines' Rizal Commercial Banking Corporation and a Sri Lanka-based financial institution.
The New York Fed became suspicious and denied 30 of the requests, but not before the release of $81 million to a foreign exchange broker.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
