Global funds-transfer system beckons cyberthieves

( May 2nd, 2016) “Swift, the global financial network that banks use to transfer billions of dollars every day, has warned its customers it is aware of ‘a number of recent cyber incidents,’ in which attackers sent fraudulent messages over its system.’’


The Boston Global Forum will hold a conference in May 9 in Cambridge, Mass., to discuss “Building Ethics Norms for Cyberbehavior.’’ It will include international financial cybercrime.

The Guardian added: “The disclosure came as law-enforcement authorities in Bangladesh and elsewhere investigated the theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank. Swift said the scheme involved altering Swift software on  the Bangladesh Bank’s computers to hide evidence of fraudulent transfers.’’

The network’s news about the attack on the Bengladesh Bank “marked the first acknowledgement that the Bangladesh Bank attack was not an isolated incident but one of several recent criminal schemes that aimed to take advantage of the global messaging platform used by some 11,000 financial institutions.’’