HONG KONG (CNNMoney) — U.S. regulators have put the country’s banks on notice, warning them to secure vulnerable computer systems before hackers are able to strike.
A group of U.S. regulatory agencies have directed banks to quickly shore up authorization practices and fraud detection in order to guard against hacks through their messaging and payment networks.
The warning from the Federal Financial Institutions Examination Council comes after hackers known as the “Lazarus Group” pulled off at least four high-profile digital bank heists, stealing more than $100 million — and so far, getting away with it.
What the hackers have done is steal a bank’s credentials from SWIFT, the worldwide interbank communication network that settles transactions, in order to make transfers.
The hacks have exposed a flaw in the integrity of the international banking system. That system is based on trust — the understanding is that if a bank approves a transaction, it’s really that bank making the call.
But only the largest banks — typically those in the United States and Europe — are well protected. As the CEO of Mastercard recently put it: Smaller banks are the weak link in the chain. For the full article click here
from hacker samurai http://ift.tt/22Pi9jf
via IFTTT
No comments:
Post a Comment