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

Banks Need Tighter SWIFT Security, Central Banks Warn

By
Reuters
Reuters
By
Reuters
Reuters
September 22, 2016, 8:43 AM ET
US-FINANCE-FEDERAL RESERVE
The US Federal Reserve building is seen August 1, 2015 in Washington, DC. AFP PHOTO / KAREN BLEIER (Photo credit should read KAREN BLEIER/AFP/Getty Images)Photograph by Karen Bleier — AFP/Getty Images

The world’s biggest central banks have told regulators that banks must tighten security around their SWIFT messaging systems following the theft of $81 million from Bangladesh’s central bank in February.

The SWIFT Oversight Forum, a group of 10 of the biggest central banks, led by the National Bank of Belgium (NBB), has sent an update to bank regulators urging them to scrutinize banks’ procedures, according to an undated document recently published on the NBB website.

Financial institutions use SWIFT messages to send instructions for transfers worth trillions of dollars each day.

Thieves hacked into Bangladesh Bank’s SWIFT system in February and sent fraudulent payment instructions to the New York Federal Reserve in an attempt to steal $1 billion.

The New York Fed rejected most of the instructions but $81 million was paid and has not been recovered.

Get Data Sheet, Fortune’s technology newsletter.

The SWIFT Oversight Forum, which also includes the U.S. Federal Reserve and the Bank of England, said that in response to “the escalating cyber threat environment” it would consider new security measures that financial regulators could require banks to fulfill.

In the meantime, it said banks should follow SWIFT’s recommended operating guidance closely and look at new ways to reduce security risks.

The NBB declined comment.

About the Author
By Reuters
See full bioRight Arrow Button Icon
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.