Hackers’ $81 Million Sneak Attack on World Banking

The admission that the attack was not a one-time event in a developing country but perhaps part of a broader threat has thrust Swift into a spotlight, raising questions about how securely money is being moved around the world. Some financial security experts point out the Swift system is only as safe as its weakest link. (…)

The hackers seemed to time the attack perfectly: When officials from the Fed tried to reach out to Bangladesh, it was a weekend there and no one was working. By the time central bankers in Bangladesh discovered the fraud, it was the weekend in New York and the Fed offices were closed.

Link: Hackers’ $81 Million Sneak Attack on World Banking – NYTimes.com.

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