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Service Bureaus May Get Boost from Cybercriminals’ Use of SWIFT Messages

Bangladesh central bank heist emphasizes importance of security measures.

By Susan Kelly | Updated on July 14, 2016
The news that SWIFT messages have been used to steal from banks has added to companies’ cyber concerns recently. For businesses that use the financial messaging network, those worries may make connecting to SWIFT via a service bureau, already the route for many companies, a more popular option.

“Corporates are very concerned about what’s happening in this current environment,” said Matteo Monaco, vice president of payment solutions at FIS, the banking and payments technology company that purchased SunGard last year.

The bank heists that were perpetrated using SWIFT messages have involved large sums. Most notably, in February cyber criminals stole $81 million from the central bank of Bangladesh’s account at the New York Fed. Since then, there have been reports of similar incidents, successful or attempted, at other overseas banks.

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