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Vulnerabilities / Threats

5/13/2016
11:25 AM
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Bangladesh Bank Theft: SWIFT CEO Rejects Theory Of Loopholes In Network

Leibbrandt says customer fraud is the likely explanation for the $81 Million bank heist.

SWIFT CEO Gottfried Leibbrandt has rejected claims that the financial network's server had been violated making the Bangladesh Bank theft possible, reports Reuters. Leibbrandt was reacting to allegations by Bangladeshi officials that before the heist, SWIFT technicians had introduced security loopholes into the bank’s RTGS system making it more vulnerable to hacking.

In a shocking cybercrime in February, hackers siphoned off $81 Million from the account of Bangladesh Bank at the Federal Reserve Bank of New York using the SWIFT network.

“At the end of the day we weren’t breached, it was from our perspective a customer fraud," said Leibbrandt, adding that this theft would not be the last one on a bank.

SWIFT, which is working with Bangladesh Bank to recover the stolen amount, has communicated to all bank customers to review and increase internal security.

Read full story at Reuters.

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