Hackers exploit money transfer system

Miscreants use malware to cover up bank thefts

Cyber

By Allie Sanchez

A recent report by security firm Symantec revealed that another group of hackers is mimicking the modus operandi of a group first discovered in February that exploits the SWIFT money transfer system used by banks.

According to Symantec, the cyber-attacks started in January and have affected companies in the US, Hong Kong, Australia, and other countries.

Estimates say 100 organizations have been hit, based on the 74 individual computer infections that have been monitored, Symantec said.

To attack the banks, the hackers used malware to cover up records of fraudulent transactions executed through SWIFT, which precluded discovery of the thefts.

Symantec analysts say this operation bears a striking resemblance to the February heist that allowed hackers to steal $81 million from a Bangladesh bank.

"Although difficult to perform, these kinds of attacks on banks can be highly lucrative," Symantec told reporters.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, commented that it is aware of Symantec's report.
 

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