Third Hack Linked To SWIFT Network Costs $10 Million

/ 3 years ago

Third Hack Linked To SWIFT Network Costs $10 Million

In this day and age, people like to know that their bank is keeping their money safe. Sadly in this day and age where everything is connected that is harder to do than most would imagine and it would now seem that a third bank has linked a theft to the SWIFT network.

In the latest hack, the hackers managed to get another $10 million from an unnamed bank situated in Ukraine. This hack is the third to have been executed by people with links to the SWIFT international banking system. SWIFT (the Society for Worldwide Interbank Financial Telecommunications) is a system designed to sending banking messages between financial institutions around the world, ranging from your simple phone bill to the billion dollar exchanges companies make on a daily basis.

The Information Systems Audit and Control Association (ISACA) branch in Ukraine was hired by the bank to investigate the theft revealed that the hack shows similar methods to the one that allowed hackers to steal $81 billion from a bank based in Bangladesh. This was the first of a series of hacks, with it being followed by the bank of Ecuador and now one in Ukraine the hackers don’t seem to be targeting banks within the same country.

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