News
In Stark Warning, US Officials Say Cyberattacks Could Augur Global Bank Disruptions
By Colby Adams
printU.S. officials recently warned financial institutions that unprecedented cyberattacks on a global interbank messaging platform could be repeated on a grand scale, leading to billions of dollars of losses and choking off global payments, ACAMS moneylaundering.com has learned. In February, a team of unidentified hackers used malicious software to gain access to Bangladesh Bank's portal with the Society for Worldwide Interbank Financial Telecommunication, or Swift, and attempted to initiate $951 million of unauthorized funds transfers from the institution's account with the Federal Reserve Bank of New York. Federal officials believe that the attack, which led to the theft of $81...
TO READ THE FULL STORY
Related News
Cybercriminals have developed sophisticated malware to launch "major and substantive" attacks on large U.K. financial institutions' back-end infrastructure, a national cyber threat assessment said Tuesday.
At least 12 financial institutions are investigating suspected compromises of the interbank messaging platforms they use to resolve institutional payments, according to a former federal cybercrime prosecutor.
U.S. financial institutions are reevaluating their cybersecurity controls in light of increasingly complex online attacks aimed at stealing client funds and data, according to experts.
Cybercriminals are employing increasingly complex tactics to defraud the U.S. Treasury Department and taxpayers, a top federal investigator said Monday.
Manhattan federal prosecutors on Tuesday disclosed criminal charges against the owner of an illegal Bitcoin exchange and other individuals believed responsible for the largest-ever theft of client data from a U.S. bank.
Steep fines against banks that fail to prevent money laundering are complicating efforts by investigators to suss out cybercrime, a top London police official said Wednesday.
Increasingly vulnerable to sophisticated computer hacking, community banks should reassess their defenses against cybercriminals, U.S. Treasury Department officials told bankers Tuesday.
If you detect even one case of cybercrime at your bank, it's likely that you've only begun to uncover a larger cyberattack, according to panelists at an anti-money laundering conference.