You may have come across this name called SWIFT, by the bank which you operate where you may be doing some transactions and you will be asked about the swift code from your bank.
SWIFT, or in full, Society for Worldwide Inter-bank Telecommunication, is a global financial messaging system that thousands of banks and commercial organizations across the world use to transfer billions of dollars every day.
Last week hackers has reportedly managed to steal almost $60 Million from Far Eastern International Bank in Taiwan by planting malware on the bank’s servers and through the SWIFT inter-bank banking system.
According to Taiwanese state-owned news agency Central News Agency, most of the stolen money has now been recovered, with only $500,000 remaining, and authorities have made two arrests in connection with the bank cyber-heist.
Far Eastern Bank on Friday admitted that some unknown hackers managed to install malware on computers and servers within its organization, and most crucially, onto a SWIFT terminal employed by the bank.
The Criminal Investigation Bureau (CIB) of Taiwan said that it has launched an investigation into the cyber heist and asked the bank to submit details about its computer operations. The bureau has also informed the Interpol of the case and asked for assistance.
Most of the stolen funds have been recovered, and two arrests connected to the cyber theft have already been made in Sri Lanka by the police, and one of them is Litro Gas company chairman Shalila Moonesinghe, according to the Colombo Gazette.
Shalila was arrested by the CIB after the authorities allegedly found $1.1 million of the stolen Taiwanese funds in his personal bank account.
However, two suspects have been arrested while the federal authorities are still looking for the third suspect who is still at large.
“We are looking at some US$1.3 million that had come into three accounts in Sri Lanka,” an unnamed Sri Lankan officer involved in the investigation was quoted as saying in an AFP report. “We have taken two people into custody, and we are looking for one more person.”
In May 2016, another case involving SWIFT emerged wherein cyber-criminals managed to steal around $12 million from an Ecuadorian bank called Banco del Austro (BDA) by attacking the Swift global network.
Also in June 2016, Hackers stole $10 million from an unnamed bank in Ukraine by exploiting the SWIFT international banking system.
Felix Onyenobi is a technology enthusiast and loves to write. He is a co-founder at SkyNet Digital Agency. Also a web developer, Penetration tester and ethical hacker.