“Global Banking System” has a habit of getting robbed by Hackers

The Principal Advocates of Cashless Economy “Global Banking System” has a habit of getting robbed by Hackers

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Up to one billion American dollars was stolen in about two years from financial institutions worldwide.

How, Why ….No one knows ?

At least four major global banks have been infiltrated by hackers since January 2015…And more than a dozen infected and looted

The first known case happened in January to Ecuador’s Banco del Austro. That time, hackers stole $12 million and moved it through a Wells Fargo bank account in the United States.

Then it happened in October to a bank in the Philippines. Bankers’ desktop computers were infected with computer code that gave hackers control of the system. It’s unclear if any cash was stolen.

Vietnam’s TPBank was hit in December. Hackers tried to transfer out $1 million, but they failed.

In February, hackers broke into Bangladesh’s central bank and stole $101 million from its account at the New York Federal Reserve.

This risk poses a danger to banks everywhere

Up to one billion American dollars was stolen in about two years from financial institutions worldwide.

These hacks have exposed a flaw in the integrity of the international banking system. That system is based on trust — the understanding that if a bank approves a transaction, it’s really that bank making the call.

But only the largest banks — typically those in the United States and Europe — are well protected. As the CEO of Mastercard recently put it: Smaller banks are the weak link in the chain.

Hackers have discovered that they can break into a smaller, less guarded banks — and move money internationally with relative ease.

This is forcing banks to doubt the validity of wire transfer requests.

Now you need to know that nothing can be done to catch the Hackers..

Why So?

Cause The hackers have been linked to North Korea.

Let’s be careful here. The hackers who attacked these banks are using pieces of the same malicious computer code as the hackers who attacked South Korean media companies in 2013, as well as Sony in 2014.

U.S. government investigators, as well as security companies BAE Systems and Symantec, all agree on this point.

The FBI has stated that the North Korean government was behind the 2014 Sony hack. Transitive logic, then, points the finger this time at North Korea.

CNNMoney has spoken to more than a dozen security researchers who support this theory.

But there’s reason to doubt this. Hackers share code. And some people even doubt the FBI’s assertion that North Korea hacked Sony.

Another thing you need to know..

SWIFT was not hacked.

A key role here is played by SWIFT, the worldwide interbank communication network that settles transactions. It’s how banks send money to each other.

SWIFT makes sure Bank A really is sending money to Bank B. In these cases, hackers entered Bank A. Using hacked credentials, thieves could move money along SWIFT to another bank account.

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So it’s pretty clear SWIFT can’t do anything in this regard.

Even then..

SWIFT says it has taken steps to keep money safe. 

As a response to these hacks, SWIFT is forcing banks to increase their security. Moving money will require additional steps that prove a real banker is approving a transaction. Banks will also share more information with one another about their computer systems. This would form a unified defense against hackers.

SWIFT is also analyzing its own infrastructure to spot how it’s being used illegally.

But the CEO of SWIFT has also said: “The financial industry, as a community, has to be clear that cyber risk is big; there will be more cyber attacks. And inevitably some will be successful,” he said.

Don’t you smell what’s cooking..

Can’t the Hackers are their own devised machineries?

As for, The experts report that responsibility for the robbery rests with a multinational gang of cybercriminals from Russia, Ukraine and other parts of Europe, as well as from China.

Kaspersky Lab’s Video-

Since 2013, the criminals have attempted to attack up to 100 banks, e-payment systems and other financial institutions in around 30 countries. The attacks remain active. According to Kaspersky Lab data, the Carbanak targets included financial organizations in Russia, USA, Germany, China, Ukraine, Canada, Hong Kong, Taiwan, Romania, France, Spain, Norway, India, the UK, Poland, Pakistan, Nepal, Morocco, Iceland, Ireland, Czech Republic, Switzerland, Brazil, Bulgaria, and Australia.

Kaspersky Lab’s:

“These bank heists were surprising because it made no difference to the criminals what software the banks were using. So, even if its software is unique, a bank cannot get complacent. The attackers didn’t even need to hack into the banks’ services: once they got into the network, they learned how to hide their malicious plot behind legitimate actions. It was a very slick and professional cyber-robbery,” said Sergey Golovanov, Principal Security Researcher at Kaspersky Lab’s Global Research and Analysis Team.

NTERPOL Digital Crime:

“These attacks again underline the fact that criminals will exploit any vulnerability in any system. It also highlights the fact that no sector can consider itself immune to attack and must constantly address their security procedures. Identifying new trends in cybercrime is one of the key areas where INTERPOL works with Kaspersky Lab in order to help both the public and private sectors better protect themselves from these evolving threats,” said Sanjay Virmani, Director of the INTERPOL Digital Crime Centre.

Expect more digital Global bank heists.

 

 

Arrested-Dev

https://arresteddevelopments.wordpress.com

Along with thanks and compliments to the sources for the shared data

Creative Commons Copyright © Arrested Developments 2015

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