REPORT: SWIFT SAYS BANKS MAKING PROGRESS AGAINST CYBER CRIMINALS

On 10th April, a new report from SWIFT has highlighted key improvement in banks’ cybersecurity measures, with the average value of attempted fraud transactions falling dramatically in the last 15 months.  While the US dollar remains the currency of choice for attempted cybercriminals, the average value of attempted fraud has fallen from $10 million to between $2 million and $250,000.  SWIFT said heightened vigilance from financial institutions 3 years after a major cyber attack on Bangladesh Bank, coupled with changing modus operandi on the part of cybercriminals, have proved “critical” in effectively detecting and preventing attacks.  The reports also says that 4 out of every 5 of all fraudulent transactions were issued to Beneficiary accounts in SE Asia, and approximately 70% of attempted thefts were US dollar-based – but usage of European currencies increased.  The report features an in-depth look at how cyber attackers are adjusting their methods to avoid detection.

http://www.fstech.co.uk/fst/Banks_Making_Progress_Cybercriminals_SWIFT.php?src=ilaw

https://www.swift.com/news-events/news/swift-report-shares-insights-into-evolving-cyber-threats

The report is available at –

https://www.swift.com/news-events/news/swift-report-shares-insights-into-evolving-cyber-threats#REPORT

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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