• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
TechSWIFT messaging system

SWIFT Global Bank Messaging System Gets Help Against Hackers

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
July 11, 2016, 7:58 AM ET
512136509
Silhouette of male hand typing on laptop keyboard at nightPhotograph by Rafe Swan — Getty Images/Cultura RF

SWIFT, a messaging system used by banks across the world, announced further steps Monday to bolster its defenses against hackers, after criminals sent fraudulent payment instructions across its network.

The Society for Worldwide Interbank Financial Telecommunication said it has hired two outside cybersecurity firms, BAE Systems and Fox-IT2, to reinforce in-house expertise, and has set up a team to share cyber-defense “best practice” among its customers.

In February, thieves hacked into the Bangladesh central bank’s interface with SWIFT’s network, which is a pipeline for transferring funds and the backbone of international finance.

They sent payment instructions to the Federal Reserve Bank of New York, telling it to transfer $951 million from Bank Bangladesh’s account to accounts in the Philippines. Most of the transactions were blocked but four went through, amounting to $81 million that remains missing.

Get Data Sheet, Fortune’s technology newsletter.

SWIFT, a Belgium-based co-operative owned by its users, had already unveiled measures to tighten up security.

On Monday it announced it was also setting up a Forensics and Customer Security Intelligence team to investigate security incidents at customers.

The team will help in the collection and sharing of anonymized information with customers on how best to deal with hackers.

SWIFT chief technology officer Craig Young said information from banks that have been subject to fraud attempts was crucial for identifying new malware.

“We therefore continue to remind customers that they are obliged to inform SWIFT of such incidents as soon as possible, and to proactively share all relevant information with us so we can assist all SWIFT users,” Young said in a statement.

SWIFT said its information-sharing initiative has grown significantly since its launch, and now includes detailed intelligence and analysis on the modus operandi of attackers in recent customer fraud cases.

“In addition SWIFT has published an inventory containing some of the specific malware used in reported attacks, as well as indicators of compromise (IoCs) that SWIFT has developed to assist other customers in detecting threats operating in their environments,” the company said.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Tech

NewslettersCIO Intelligence
Inside tractor maker CNH’s push to bring more artificial intelligence to the farm
By John KellDecember 10, 2025
2 hours ago
NewslettersTerm Sheet
5 VCs sounds off on the AI question du jour
By Amanda GerutDecember 10, 2025
3 hours ago
Databricks co-founder and CEO Ali Ghodsi (right) with Fortune editorial director Andrew Nusca at Fortune Brainstorm AI 2025 in San Francisco. (Photo: Stuart Isett/Fortune)
NewslettersFortune Tech
How Databricks could achieve a trillion-dollar valuation
By Andrew NuscaDecember 10, 2025
3 hours ago
Zhenghua Yang
SuccessSmall Business
At 18, doctors gave him three hours to live. He played video games from his hospital bed—and now, he’s built a $10 million-a-year video game studio
By Preston ForeDecember 10, 2025
4 hours ago
AsiaCoupang
Coupang CEO resigns over historic South Korean data breach
By Yoolim Lee and BloombergDecember 10, 2025
6 hours ago
AIpalantir
New contract shows Palantir is working on a tech platform for another federal agency that works with ICE
By Jessica MathewsDecember 9, 2025
13 hours ago

Most Popular

placeholder alt text
Economy
‘Fodder for a recession’: Top economist Mark Zandi warns about so many Americans ‘already living on the financial edge’ in a K-shaped economy 
By Eva RoytburgDecember 9, 2025
17 hours ago
placeholder alt text
Success
When David Ellison was 13, his billionaire father Larry bought him a plane. He competed in air shows before leaving it to become a Hollywood executive
By Dave SmithDecember 9, 2025
1 day ago
placeholder alt text
Banking
Jamie Dimon taps Jeff Bezos, Michael Dell, and Ford CEO Jim Farley to advise JPMorgan's $1.5 trillion national security initiative
By Nino PaoliDecember 9, 2025
18 hours ago
placeholder alt text
Uncategorized
Transforming customer support through intelligent AI operations
By Lauren ChomiukNovember 26, 2025
14 days ago
placeholder alt text
Success
Even the man behind ChatGPT, OpenAI CEO Sam Altman, is worried about the ‘rate of change that’s happening in the world right now’ thanks to AI
By Preston ForeDecember 9, 2025
22 hours ago
placeholder alt text
Real Estate
The 'Great Housing Reset' is coming: Income growth will outpace home-price growth in 2026, Redfin forecasts
By Nino PaoliDecember 6, 2025
4 days ago
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.