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Finance Hacks

by Brent Kirkpatrick

(Date Published: .)

Banks can be robbed directly by hackers.

Banks, not just credit cards, can be hacked. Imagine embezzling on steroids. Invisible transactions that go to hacker's accounts. Disguised by the bottom line or in legitimate transactions and hidden in the balance.

Hackers and fraudsters only get stopped if someone detects their activities. Banks often assume that completed transactions are legitimate. Small transactions or transaction fraud hidden in legitimate transactions goes undetected.

Banks can protect themselves by

  1. Encouraging customers to balance their statements.
  2. Protecting endpoints of transactions.
  3. Protecting account information and transaction codes.
Banks should be held liable for fraud so that they continue to improve the security of their endpoints. The SWIFT financial system says that the endpoints are the least secure, and the following three examples demonstrate this.
cartoon: bank computers, coins, and worm
Vietnam Tien Phong Bank, 2015
Hackers attempted to transfer $1.1 million funds using fraudulent SWIFT codes obtained by hacking the TP Bank. TP Bank thwarted the attack by noticing it early.

Ecuador Banco de Austro, 2015
Hackers transferred $9 million using fraudulent SWIFT codes. The hackers used remote access to hack Banco de Austro and logged in after hours, changed transactions using the actual SWIFT codes, and succeeded in transferring the funds.

Bangladesh Bangladesh Bank, 2016
Hackers first breached one computer and were then able to steal the credentials for SWIFT. They transferred $81 million from the bank's account at the Federal Reserve Bank of NY.

Please update the end-point security of your bank, to avoid this type of hacking. Contact Intrepid Net Computing for details.

defendIT (TM). AI-driven security measures derived from security incident data.

Devlin Barrett and Katy Burne. "Ecuador bank hacked via swift." Wall Street Journal. May 19, 2016.

Katy Burne, Robin Sidel and Syed Zain Al-Mahmood. "Breaches plague banking network." Wall Street Journal. May 21, 2016.

My Pham, Mai Nguyen, and Jim Finkle. "Vietnam bank says interrupted cyber heist using SWIFT messaging." Reuters. May 15, 2016.

Please consult with Intrepid Net Computing for the latest information on security.

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