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SWIFT kick in the banking

Discussion in 'CSO' started by RSS, Sep 6, 2016.

  1. RSS

    RSS New Member Member

    When SWIFT made headlines back in April of 2016, I could not help but wonder how bad things really were. Many people were blissfully unaware as to what SWIFT (Society for Worldwide Interbank Financial Telecommunication) even was or what it could be used for.

    This is supposed to be a secure financial network that banks can use for payment authorizations. It seems that of the 11,000 reported banks that use the system not all were up to snuff on security.

    For example in Bangladesh, criminals were able to leverage the SWIFT system to a nefarious end to make off with $81 million dollars. Not bad for a days work. But, why was this possible? Sure, SWIFT talk a good security game but, I can think of 81 million arguments against that.

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