WHERE THE MONEY IS

SWIFT Admits More Bank Cyberthefts


At institutions that didn’t upgrade security.

Officials at global finance messaging network SWIFT said late Tuesday that it has experienced more cyberthefts at banks of various sizes and locations since June. The disclosure was vague about which institutions had been hit, except to say that many targets had not complied with the procedures the Brussels-based firm had tried to institute after February’s multimillion-dollar heist involving Bangladesh’s central bank. “Customers’ environments have been compromised, and subsequent attempts [were] made to send fraudulent payment instructions,” according to a copy of a private letter issued to clients. “The threat is persistent, adaptive, and sophisticated—and it is here to stay.” A spokeswoman for SWIFT declined to discuss the recent incidents with Reuters reporters, but the victims all had weak local security that was exploited, according to the news agency.