How safe is a bank wire transfer?
It is not the one who sent the funds that suffer a loss after targeted attacks on the SWIFT network, but the banking industry. There are bank wire transfers that go astray due to the stolen credential of the end-user. There is a solution to ensure safer money transfers.
Largest bank heist
SWIFT is the Society for Worldwide Interbank Financial Telecommunication, is a cooperative that is owned by three thousand banks. It is the world leader in providing secure financial messaging services. Over 11,000 banks use SWIFT all over the world to process around twenty-five million communications on a daily basis, collectively transferring billions of dollars.
The largest bank heist in the history of the world occurred in 2016. Hackers used malware to steal $81 million from the Central Bank of Bangladesh. The malware, known as Odinaff, enabled the hackers to obtain the payment transaction transfer codes for moving the money. These attackers hacked PCs that interfaced with the SWIFT network and injected fraudulent payment transaction messages to transfer the money to themselves. After that amount got stolen, the bank successfully blocked the attackers’ attempt to transfer $870 million.
Fraudulent interbank messages
The malware could change the client-side logs of the software used by SWIFT. These hackers chose high-valued targets to prevent discovery, instead of going for a massive cyberattack on various transactions. Security experts assessed that the fraudulent interbank messages through the SWIFT network highlight the dangers that any financial institution will face when implementing automated clearinghouse systems or real-time payments. As cybercriminals will continue to create malware and other forms of attacks, security measures are leveled up to prevent further heists.
When it comes to secure transactions, what is vital is for the sender and the recipient to be able also to protect themselves from attackers. When using payment methods, identification is required, but make sure that the credentials that will enable criminals to access the funds are kept private. The criminal methods of stealing money include phishing and card skimming. According to a 2014 survey, these two methods and the denial of services account for a high of 72 percent of a hundred thousand attacks. Banks use transaction monitoring as a security measure to detect any movement of funds that is out of the ordinary. Suspicious payment transactions are stopped, and there would be a request for confirmation from the account holder.
Secure money services
In this digital age, cybercriminals will always try to find new ways to steal money from banks. Wire transfers are safe for those who send and receive the payment, as when the SWIFT network is ever hacked, the transfer will remain funded. What we must do to keep our other forms of payment transaction safe is to guard our details, and ensure that we use the safest and reliable money service providers to send and receive payments.
It is best to send wire transfers and use other payment methods with secure money services provider to stay one step ahead of cybercriminals. The company that has advance payment solutions has the secure payment options that will provide you with peace of mind.