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Foreign news: US banks put on SWIFT alert

09 June 2016 3:33PM
United States banking regulators have warned banks to check their connections to SWIFT, the global financial messaging service, because of concerns that the network remains vulnerable to cyber attack, the BBC reports. SWIFT was the entry point for an attack on Bangladesh's central bank earlier this year, which resulted in the theft of US$81 million held with the Federal Reserve Bank of New York. The hackers used the central bank's SWIFT credentials to transfer money to the Philippines. The Federal Financial Institutions Examination Council (which represents a group of US banking regulators) warned that a "malicious cyber group" may still be targeting banks.

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