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Central Banks Propose Better Inter-Bank Security

Institutions from the world's largest economies want to improve security following abuse of inter-bank messaging and payment systems.

CORRECTED: Central banks from major economies have suggested steps to advance security of inter-bank messaging and payment systems, Reuters reports. The Committee on Payments and Market Infrastructures (CPMI) has called for banks to improve security to protect the financial system.

Last year, attackers tried to steal almost $1 billion from the Bangladesh central bank's account at the Federal Reserve Bank of New York. About $80 million was taken before the hackers were detected. Bangladesh blamed the incident on poor security around the Bangladesh Bank's SWIFT terminal. SWIFT is used among banks to send payment instructions to transfer trillions of dollars every day.

CPMI made suggestions to secure messaging services like SWIFT and Britain's CHAPS system. These include ensuring quick reporting of fraud and attempted fraud, risk audits, user education, and monitoring system access points, where hackers often enter the system.

The security proposals will be published in early 2018.

Read more details here.

Editor's note: Original story said “SWIFT is used among banks to send payment instructions and until last year was used to transfer trillions of dollars every day.” 

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