Cyber Theft Hacking Tactics Confirmed By Society for Worldwide Interbank Financial Telecommunication. What Measures Does SWIFT Advice?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) said that cyber theft hacking is becoming more sophisticated. These criminals target the global bank transfer system when stealing funds.

SWIFT said, "The threat is very persistent, adaptive and sophisticated - and it is here to stay," a letter sent to their client bank. This simply means that SWIFT is still vulnerable and at risk to cyber theft hacking tactics and other cyber-attack.

Last year in the Federal Reserve Bank of New York, a Bangladesh Bank Account worth $81 Million got stolen. This, in fact, alerted many governments and other banks to regulate a tight system and impose high-security system details.

Numerous records both from commercial banks and central banks who uses the SWIFT Network experienced cyber theft hacking. According to the letter, SWIFT sent, "We, unfortunately, continue to see cases in which some of our customers' environments are being compromised."

The world's biggest Cyber Theft Hacking was due to the negligence of officials of that bank, namely the Bangladesh Central Bank. It says that an official refuse to name these people but they exposed their security system to thefts resulting from the breach of the SWIFT Network said by Mohammad Shah Alam.

Other banks in the global stage also reported the amount stolen from them. In 2015, Ecuador Banco del Austro said they lost $12 Million. $250 Million got stolen from Bangladesh Sonali Bank. An attempt was made also with Vietnam last May but good thing they were able to notice right away.

SWIFT letter also cited, "There are likely to be multiple groups of cyber attackers attempting to compromise customer environments." It further expressed, "There has been an evolution in the modus operandi, signifying that attackers are further adapting their methods."