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Global Banks Press SWIFT on Security

Malware used to attack Vietnamese bank shows Swift codes identifying at least seven other financial institutions.

By Michael Riley, Jordan Robertson and Alan Katz, Bloomberg | Updated on May 18, 2016

Bank hacks in Vietnam and Bangladesh have sparked concerns within global banks, some of which are privately pressing the SWIFT interbank network to shore up security at its 11,000 members.

The pressure on SWIFT comes as new details emerge from the most recently disclosed bank hack. An examination of the malware used in an attack late last year on Vietnam’s Tien Phong Commercial Joint Stock Bank shows that unique SWIFT codes identifying at least seven additional financial institutions were embedded in the hackers’ work, according to a private report by BAE Systems Plc. 

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