Bangladesh banking hack due to SWIFT vulnerability


A report from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) indicated the group was aware that malware was targeting its system when $81 million was stolen from a Bangladesh bank in March.

“SWIFT is aware of a malware that aims to reduce financial institutions' abilities to evidence fraudulent transactions on their local systems. Contrary to reports that suggest otherwise, this malware has no impact on SWIFT's network or core messaging services,” the group posted.

The Brussels-based SWIFT, which is a banking cooperative that supplies financial messaging services to its 3,000 members, said it is implementing a methodology to help its members enhance their security, but the group is also telling its members to increase their own security measures.

BAE's security division discovered the issue and will release a report on its findings April 25, according to Reuters.

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