Swift banking system for traffic gets tighter security after hacks

Sep

30

2016

The international system for bank transactions Swift will be secured stricter. That should prevent hackers digital penetration and money draining away, something that happens more and more frequent in recent times.

At the annual Sibos meeting in Geneva showed Gottfried Leibbrandt, CEO at Swift, know that new security measures are implemented and that existing procedures are examined. That message Reuters. The immediate reason is the increase in the number of hacks in banks, where burglars sometimes get tens of millions of euros.

Because hackers claimed Leibbrandt more sophisticated checking, undermines confidence in transactions made via SWIFT. This is reflected in a hack of the central bank in Bangladesh in February, with 81 million dollars, the equivalent of some 72 million was siphoned off. An analysis showed that the hack was made possible by a vulnerability in the SWIFT software. There were hacks in Ukraine, Ecuador and Vietnam.

Banks also take the additional security measures. As Reuters report on the French bank Société Générale, where workers are required to identify themselves by SWIFT transactions with a fingerprint scanner. It is also known that banks look at alternative security technologies, such as the block chain .

Swift warned for some time about the dangers of digital bank robbery. Earlier this year have also been rolled out new security procedures, and the company Fox-IT was switched to screw up security.

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