SWIFT Attack Secrets Revealed

The banking industry is still reeling from the attempted theft of US$951 million, spirited out of the account of a Bangladesh Bank at the U.S. Federal Reserve Bank.  Customized malware, likely assisted by a “trusted insider”, was able to defeat the super-secure SWIFT messaging system.  (SWIFT – Society for Worldwide Interbank Financial Telecommunication).   Questions are still swirling on where to place the blame – who did it, how did they do it, how could the Fed have let this happen, has SWIFT been compromised, where were the controls at the bank in Bangladesh?

One of the leading forensic experts in the world,- Christiaan Beek, Threat Intelligence Research Manager at Intel, has begun to investigate how the unthinkable occurred.   The malware was fine tuned for the bank’s environment, pointing to an insider. The malware was able to manipulate and read unique messages from SWIFT, adjust balances, and send details to a remote control server.  It could delete transactions, transaction history, system logs, and prevent the printing of the fraudulent transactions.

To find out more about how this crime took place, join the two leading international banking associations in the Western Hemisphere – FIBA and FELABAN,- when they reveal more information at their upcoming CELAES Financial Security Conference in Miami, October 3-4, 2016.

(To register:      www.felabancelaes.com).   Questions on registration: (+ 1 305 539 3745 or cpretelt@fiba.net)

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