Robbery and an Ecuador bank through the SWIFT system

New robbery was discovered through the SWIFT system. As it appears, Bangladesh's central bank is part of a widespread cyber attack in the global banking and financial sector by hackers who have gained access to the backbone of the global financial system, SWIFT.

It's the global banking system that uses thousands of banks and businesses around the world to carry billions of dollars every day. So this system is under attack.Swift

This has revealed the third case concerning the SWIFT breach. The scammers managed to steal about 12 million dollars from the bank of Ecuador. The analysis of the attack revealed many similarities with the attack on Bangladesh's central bank, which lost 81 to millions of dollars.

The attack on the Banca del Astro (BDA) in Ecuador occurred in January of 2015 and, he revealed in a lawsuit filed by BDA against Wells Fargo, a San Francisco-based bank in 28 January, according to Reuters.

How they breach the banks:

First, they use malicious software to bypass the local security systems of a bank.
then access the SWIFT messaging network,
and send false messages through the messaging network to prepare cash transfers from accounts to larger banks.

So over ten days ago, hackers used SWIFT credentials from a bank employee to modify transaction data for at least 12 transfers, 12 of millions, which were transferred to accounts in Hong Kong, Dubai, New York and Los Angeles.

In the BDA's lawsuit, Wells Fargo considers Wells Fargo responsible for not identifying illegal transactions and asks Wells Fargo to repay the full amount stolen from the bank.

The lawsuit was filed by the BDA at a New York federal court and says some of these attacks could have been avoided if the banks shared more details about the SWIFT attacks.

Read: Cyber ​​Security, secrecy and responsibility

Wells Fargo, on the other hand, retaliated by blaming the BDA for its robbery information security policies and procedures, noting that "all instructions received via SWIFT-certified messages are being properly processed," according to court documents.

According to reports, robbery has remained secret for a long time and was revealed when the BDA decided to sue Wells Fargo who approved fraudulent transfers.

SWIFT had no idea about the breach: "We did not know," SWIFT said in a statement.

It turns out that the security of SWIFT was not violated in the attack, but that the criminals used advanced malware to steal the credentials of the bank's employees and cover their traces.

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Written by giorgos

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