Another SWIFT Attack Speeds Worry About Response — and Responsibility
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Another day, another SWIFT attack. That’s the word from SecurityWeek, which detailed a string of fraudulent transactions between Wells Fargo and Ecuador’s Banco del Austro (BDA). Now, BDA is suing Wells Fargo while SWIFT is looking for speedy ways to safeguard its money moving service. Both the initial response and ultimate responsibility are under scrutiny as companies hope to fast-track worry-free transfers.
Third Time’s the Charm?
This is the third big SWIFT breach reported. The Vietnamese Tien Phone Bank suffered losses in 2015, and the Bangladesh Central Bank (BCB) lost $81 million in February 2016.
BDA’s attack goes further back: On Jan. 12, 2015, at least 12 fraudulent transfer requests were made to Wells Fargo, supposedly from BDA, asking the company to move $12 million to accounts in Hong Kong, Dubai and the U.S. SWIFT wasn’t in the loop until a Reuters investigation turned up court documents of the BDA/Wells Fargo lawsuit.
Unlike BCB, …
Third Time’s the Charm?
This is the third big SWIFT breach reported. The Vietnamese Tien Phone Bank suffered losses in 2015, and the Bangladesh Central Bank (BCB) lost $81 million in February 2016.
BDA’s attack goes further back: On Jan. 12, 2015, at least 12 fraudulent transfer requests were made to Wells Fargo, supposedly from BDA, asking the company to move $12 million to accounts in Hong Kong, Dubai and the U.S. SWIFT wasn’t in the loop until a Reuters investigation turned up court documents of the BDA/Wells Fargo lawsuit.
Unlike BCB, …