{"id":5384,"date":"2016-09-14T10:11:59","date_gmt":"2016-09-14T02:11:59","guid":{"rendered":"http:\/\/staging.bankvaultonline.com\/?p=5384"},"modified":"2016-09-14T10:11:59","modified_gmt":"2016-09-14T02:11:59","slug":"the-swift-hack-why-one-of-the-worlds-biggest-bank-heists-makes-a-good-case-for-bankvault","status":"publish","type":"post","link":"https:\/\/www.bankvault.com\/the-swift-hack-why-one-of-the-worlds-biggest-bank-heists-makes-a-good-case-for-bankvault\/","title":{"rendered":"The SWIFT hack: why one of the world\u2019s biggest bank heists makes a good case for BankVault"},"content":{"rendered":"

Those of you who read the New York Time or Financial Times may have seen reports<\/a>, about hackers using the SWIFT global financial network to transfer (yep – steal) money from banks.<\/p>\n

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is an organisation that enables financial institutions around the world to exchange information about financial transactions in a secure environment. For example, if you\u2019ve tried to deposit money internationally you\u2019ll probably recognise the Business Identifier Codes (BICs) you need to detail for the payment. These are also known as SWIFT codes.<\/p>\n

Alarms were first raised early in 2016 when thieves compromised the SWIFT network, and sent fake SWIFT messages for the transfer of $81 million from the Bangladesh central bank via its account at the New York Federal Reserve.<\/p>\n

A second similar attack enabled fake transfer requests to be sent to Wells Fargo, and 12 million in funds was transferred from Banco del Austro.<\/p>\n

A raft more potential (undisclosed) attacks began to come to light. SWIFT was forced to notify its member banks that other such attacks had also been successful.<\/p>\n

To execute these multi-million dollar heists\u2014some of the biggest in history, the hackers used a similar modus operandi\u2014they compromised the bank\u2019s weak \u2018local security\u2019 around SWIFT to gain access in order to send money transfer orders through using the bank\u2019s SWIFT account.<\/p>\n

Although this attack focused on the Bank\u2019s SWIFT software services rather than money in that bank or the bank\u2019s end user, the attack is noteworthy because it focused on the weakness of the bank\u2019s \u2018local security\u2019.<\/p>\n

The attack used customised malware to circumvent local bank security and compromise the SWIFT messaging system. It then sent fraudulent messages via SWIFT to initiate money transfers from accounts at much larger banks. The hackers had actually intended to steal $951 million from the Bangladesh central bank account in the New York Federal Reserve, but a typo in their malware caused it fail at just $81 million.<\/p>\n

For BankVault customers, the story provides an argument for why our solution makes sense for your own security and financial risk management. While we can\u2019t help the banks get their security sorted\u2014although we\u2019d hope they\u2019re insured for these kinds of losses\u2014we can ensure your \u2018local security\u2019 for important financial transactions isn\u2019t a risk you need to worry about.<\/p>\n

The great beauty of BankVault is that it completely circumvents your own computer and its local security\u2014good or bad\u2014making your computer redundant during any online transaction process.<\/p>\n

If malware is present on your system, if your computer is hacked, if your system has been attacked, your transaction is not put at risk.<\/p>\n

With BankVault you\u2019ll be using a clean, safe and temporary \u2018virtual computer\u2019 hidden in the cloud.<\/p>\n

Local security is a headache for everyone\u2014banks included. They also need to patch software, update their antivirus, maintain firewall configurations, monitor networks, respond to anomalies and protect their customers.<\/p>\n

BankVault gives you peace of mind when you need to be sure your online responsibilities are secure\u2014whether that\u2019s your own banking, your customers\u2019 or any other important online financial transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Those of you who read the New York Time or Financial Times may have seen reports, about hackers using the SWIFT global financial network to transfer (yep – steal) money from banks. SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is an organisation that enables financial institutions around the world to exchange information about financial […]<\/p>\n","protected":false},"author":2,"featured_media":5681,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[243,145,186,244,230],"class_list":["post-5384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-security-news","tag-bank","tag-banking-malware","tag-banking-system","tag-hack","tag-safebanking"],"yoast_head":"\nThe SWIFT Hack: The World's Biggest Bank Online Hacking<\/title>\n<meta name=\"description\" content=\"The world's biggest online banking hack has happened by bypassing the bank's IT security. 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