Hackers could bring down the banks, warns network boss

The head of the network that connects the world’s banks has issued a warning: Hackers will strike again, and they could bring down a bank.

The message from SWIFT CEO Gottfried Leibbrandt follows cyberattacks on banks inBangladesh, Vietnam and Ecuador in which similar methods were used to circumvent local security systems.

The attack on Bangladesh’s central bank yielded $101 million, while Ecuadorian bank Banco del Austro was hit for $12 million.

Leibbrandt suggested in a speech on Tuesday that other attacks may have gone unreported.

“The Bangladesh fraud is not an isolated incident: we are aware of at least two, but possibly more, other cases where fraudsters used the same modus operandi, albeit without the spectacular amounts,” he said. For the full article click here 

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