What is SWIFT
Society for Worldwide Interbank Financial Telecommunication popularly known as SWIFT system is a global messaging network used by 11,000 financial organisations to communicate securely and is used to move billions of dollars every day.
Bangladesh Bank Cyber Heist
The Bangladesh Bank cyber heist occurred in early February. Unidentified hackers attempted to steal $951 million from the central bank’s account at the Federal Reserve Bank of New York and channel the funds to accounts in the Philippines and Sri Lanka. The New York bank halted transfers worth $850 million when criminal activity was detected. A receiving bank in Sri Lanka also rejected a $20 million transfer because the beneficiary’s name was misspelled.
The remaining $81 million was wired to four accounts at a branch of Rizal Commercial Banking Corporation in the Philippines and transferred to a single account at the same bank for laundering through casinos in the Philippines.
Months after Bangladesh’s central bank lost $81 million in a massive cyber heist, SWIFT, the global financial messaging service, reported on Friday a similar malware attack on another bank,However BAE Systems, a U.K. defence, aerospace, and security company reported on its threat research blog that a Vietnamese commercial bank was the target.
Trojan PDF Reader
In the case of Vietnamese Bank attackers had also used a kind of malware called a “Trojan PDF reader” to manipulate PDF reports confirming the messages in order to hide their tracks.