A cyberattack, similar to that used to steal US$81m (£56m) from Bangladesh’s central bank in February, has hit a second bank said Swift.
The most recent incident involved a commercial bank according to the financial messaging services provider, although Swift spokeswoman Natasha de Teran did not reveal the name. or how much money, if any, was stolen in the second attack.
However, the attacker was someone with “deep knowledge of specific operational controls” and may have been assisted by “malicious insiders or cyberattacks, or a combination of both”.
Swift suggested that the more recent attack demonstrated that the Bangladesh heist was not a single occurrence, “but part of a wider and highly adaptive campaign targeting banks”. In both attacks the thieves sought to submit fraudulent messages to the Swift network to transfer large amounts of cash to accounts they controlled.
It added that its core network remained secure despite the attempts by cyberthieves to manipulate it. Last month, Swift released software updates that it said would help customers improve security.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
The EU and US’ shift in accounting standards may bring balance sheet losses and increase credit risk, according to James Elder, director of risk services at Standard & Poor’s (S&P) Global.
Technology will drive the innovation in banking: Damian Richardson, head of payments strategy & innovation at NatWest
At this year's Sibos conference in Toronto, digital finance reporter, Alara Basul, sat down with Damian Richardson, head of payments strategy and innovation at NatWest to discuss how technology is driving innovation in banking.
#PSD2FinishLine recently started trending on Twitter. As the country slowly grows in excitement throughout the month of November, with the C-word on ... read more