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Banks urged to tighten security as hacks continue

Global banking system under attack

The global banking system is (still) under attack.

SWIFT, the messaging network that connects the world's banks, says it has identified new hacks targeting its members, and it is warning them to beef up security in the face of "ongoing attacks." It did not name the banks affected.

The warning follows cyberattacks on banks in Bangladesh, Vietnam, the Philippines and Ecuador in which malware was used to circumvent local security systems, and in some cases, steal money.

An attack on Bangladesh's central bank yielded $101 million. Ecuador's Banco del Austro was hit for $12 million.

The message from SWIFT, which was first reported by Reuters, urges banks to protect themselves against the "persistent, adaptive and sophisticated" attacks, which use a similar...


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