The banks now have an urgent need for blockchain based fund transfer solutions, as the conventional systems are being frequently compromised. The SWIFT network, which is widely used by the banks across the world for electronic fund transfers has been affected by multiple hacking attacks till date, resulting in huge loss of funds.
After the recent hacking incident where hackers stole money belonging to the Central Bank of Bangladeshfrom US Federal Reserve, a Ukrainian bank has become the target of hackers. According to reports, an unnamed Ukrainian bank has lost about $10 million after the hackers gained entry into the bank’s computer systems. The money was then transferred from the bank to offshore accounts using SWIFT’s inter-bank transfer system.
The affected Ukrainian bank has asked for the members of the Information Systems Audit and Control Association to investigate the hacking incident and repair any damage the hackers might have caused to the banking system during the attack. The investigators, in a statement to a Ukrainian news portal have mentioned that the attack is not an isolated incident and many banks in the region have also been targeted by such hacking attempts. For the full article click here
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