SWIFT, the global bank messaging network, is set to trial live transactions involving tokenised assets and digital currencies next year, according to a recent report by Reuters.
The move is likely to be fine-tuned to when the first major ones are launched
Russia has proposed a direct payment system bypassing the global standard SWIFT to settle the dues for Rooppur nuclear power plant as the Soviet nation looks to navigate the sanctions from the West following the Ukraine war.
Malaysia’s central bank says it detected and foiled an attempted cyber attack and efforts to transfer funds without authorisation using falsified SWIFT messages.
Hackers tried to steal 55 million roubles ($940,000) from Russian state bank Globex using the SWIFT international payments messaging system, the bank said on Thursday, the latest in a string of attempted cyber heists that use fraudulent wire-transfer requests.
SWIFT, the global messaging system used to move trillions of dollars each day, warns banks that the threat of digital heists is on the rise as hackers use increasingly sophisticated tools and techniques to launch new attacks.
Hackers release documents and files that cybersecurity experts indicated the US National Security Agency had accessed the SWIFT interbank messaging system, allowing it to monitor money flows among some Middle Eastern and Latin American banks.
Bangladesh's central bank says it has reversed its plans to sue the Federal Reserve Bank of New York and the SWIFT money transfer network, and instead intends to seek their help recovering $81 million stolen by cyber thieves in February.
Hackers have stolen $10 million from an unnamed Ukrainian bank, according to an independent IT monitoring organisation.
Hackers release documents and files that cybersecurity experts indicated the US National Security Agency had accessed the SWIFT interbank messaging system, allowing it to monitor money flows among some Middle Eastern and Latin American banks.
Bangladesh's central bank says it has reversed its plans to sue the Federal Reserve Bank of New York and the SWIFT money transfer network, and instead intends to seek their help recovering $81 million stolen by cyber thieves in February.
Hackers have stolen $10 million from an unnamed Ukrainian bank, according to an independent IT monitoring organisation.
The chief executive of secure messaging system SWIFT says the theft of $81 million from Bangladesh's central bank, by criminals sending fraudulent payment instructions via SWIFT, would force the organisation to shrink and review its strategy.
A government-formed committee which investigated the US$101 million heist from Bangladesh central bank’s account with Federal Reserve Bank of New York submits its full report to the finance minister. It has found SWIFT and others responsible for the heist.
The SWIFT secure messaging service that underpins international banking says it is planning to launch a new security programme as it fights to rebuild its reputation in the wake of the Bangladesh Bank heist.
SWIFT has no rule specifically requiring client banks to report hacking thefts but says it requires customer to notify SWIFT of problems that can affect the "confidentiality, integrity, or availability of SWIFT service."
A government committee probing the Bangladesh Bank heist has held SWIFT responsible for weakening the payment system which allowed cyber thieves to steal $81 million from the central bank's account with the New York Fed.
SWIFT, the global financial messaging network that banks use to move billions of dollars every day, warns on Thursday of a second malware attack similar to the one that led to February's $81 million cyberheist at the Bangladesh central bank.
SWIFT told its bank customers that they are responsible for securing computers used to send messages over its global network, which was used to steal some $81 million from a Bangladesh central bank account at the New York Fed in February.
