SWIFT discloses more cyber thefts
SWIFT discloses more cyber thefts

SWIFT discloses more cyber thefts

Pressures banks on security
Estelle de Bruyn
In a private letter to clients, SWIFT said that new cyber-theft attempts - some of them successful - have surfaced since June, when it last updated customers on a string of attacks discovered after the attack on the Bangladesh central bank.
“Customers’ environments have been compromised, and subsequent attempts (were) made to send fraudulent payment instructions,” accord­ing to a copy of the letter reviewed by Reuters. “The threat is persistent, adaptive and sophisticated - and it is here to stay.”
The disclosure suggests that cyber thieves may have ramped up their efforts following the Bangladesh Bank heist, and that they specifically target­ed banks with lax security procedures for SWIFT-enabled transfers.
The Brussels-based firm, a member-owned cooperative, indicated in Tues­day’s letter that some victims in the new attacks lost money, but did not say how much was taken or how many of the attempted hacks succeeded. It did not identify specific victims, but said the banks varied in size and geo­graphy and used different methods for accessing SWIFT.
A SWIFT spokeswoman declined to elaborate on the recently uncovered incidents or the security issues detailed­ in the letter, saying the firm does not discuss affairs of specific customers.
All the victims shared one thing in common: Weaknesses in local security that attackers exploited to compromise­ local networks and send fraudulent messages request­ing money transfers, according to the letter.
Accounts of the attack on Bangladesh Bank suggest that weak security procedures there made it easier to hack into computers used to send SWIFT messages requesting large money transfers. The bank lacked a firewall and used second-hand, $10 electronic switches to network those computers, according to the Bangladesh police.
SWIFT has repeatedly pushed banks to implement new security measures­ rolled out after the Bangladesh heist, including stronger systems for authenticating users and updates to its software for sending and receiving messages. But it has been difficult for SWIFT to force banks to comply because the nonprofit cooperative lacks regulatory authority over its members. SWIFT told banks Tuesday that it might report them to regulators and banking partners if they failed to meet a November 19 deadline for installing the latest version of its software, which includes new security features designed to thwart the type of attacks described in its letter.
The security features include technology for verifying credentials of people accessing a bank’s SWIFT system; stronger rules for password management; and better tools for identifying attempts to hack the software.
SWIFT is trying coerce members into prioritizing cyber-security by threatening to share confidential information about security lapses that banks want to keep private, said Shane Shook, an independent security consultant who advises central banks.
“That type of information sharing is something that no bank likes to see happen without their direct approval and involvement, because it can affect market confidence,” Shook said.
SWIFT disclosed the new hacks after reports of previous incidents prompted regulators in Europe and the United States to urge banks to bolster cyber-security.
Other cases involving fraudulent transfer requests include the theft of more than U$12 million from Ecuador’s Banco del Austro and a failed attempt later in 2015 to steal money from Vietnam’s Tien Phong Bank.
The attacks have prompted regulators globally to press banks to bolster defenses.
The Bank of England in April ordered UK firms to detail actions to secure computers connected to the SWIFT system, while the European Banking Authority in May said domestic authorities should stress test banks for cyber risks.
The Federal Reserve and other U.S. agencies told banks in June to review protections against fraudulent money transfers. Six U.S. senators on Monday urged the G20 nations to agree when they meet at a summit this weekend on a “coordinated strategy to combat cyber-crime at critical financial institutions”. -Nampa/Reuters

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Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Currency: GBP to NAD 23.93 | EUR to NAD 20.49 | CNY to NAD 2.63 | USD to NAD 18.99 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.1 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.3 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.99 | USD to ZMW 24.97 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - 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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 212.71/OZ UP +1.00% | Copper US$ 3.98/lb DOWN -0.0023 | Zinc US$ 2 448.60/T DOWN -0.33% | Brent Crude Oil US$ 87.15/BBP UP +0.88% | Platinum US$ 902.18/OZ UP +0.82%