CRF Blog

Crooks Are Using an International Messaging System to Rob Banks

by Bill Hayes

In Crooks Are Using an International Messaging System to Rob Banks, Bloomberg Businessweek reports on the latest cybercrime.

Since the Bangladesh job came to light, other banks have come forward. In Ecuador, a commercial bank said it was held up for $12 million last year. A bank in Vietnam said criminals tried, and failed, to steal $1.1 million in what experts say may have been a practice run for Bangladesh. By late May as many as a dozen more banks, mostly in Southeast Asia, reported break-ins. All of the attacks were committed by cybercriminals, and at least some made use of a messaging system run by the Society for Worldwide Interbank Financial Telecommunication, better known as Swift. [more]