SWIFT has not seen its last ‘bank robbery’
A former CSO of the World Bank Treasury calls the SWIFT system outdated and open to malware attacks. Those vulnerabilities could lead to manipulation of financial transactions.
SWIFT is the interbank financial messaging system for sending international money transfer instructions. The Society for Worldwide Interbank Financial Telecommunications, which the industry refers to as the SWIFT co-op maintains this system.
CSO looks at the SWIFT co-op’s denial of the real issue, the cost of attacks, informed expert insights into these security flaws, how hackers are using and abusing these to their profit, and what the co-op should do to seal its messaging system to mitigate further falsifications.