11,000 banks urged to check security amid fears hackers could steal TENS OF MILLIONS

Monday, April 25, 2016
By Paul Martin

THOUSANDS of global banks and financial firms have been urged to check security amid fears hackers have found a way to access systems and steal cash.

Mon, Apr 25, 2016

Criminals have been targeting the SWIFT messaging platform, which is at the heart of the world’s financial systems and used by around 11,000 firms across the globe.

It’s thought vulnerabilities in the system allowed attackers to use malware to steal £56million worth of money from the Bangladesh central bank in February, according to security researchers at BAE Systems.

Most of the cash remains missing.

And there are now fears more firms or institutions could fall victim.

Brussels-based SWIFT has released a software update in an attempt to to thwart attacks.

And financial firms have been urged to scrutinise their security procedures.

But the development is worrying because it shows a lynchpin of the global financial system could be more vulnerable than previously thought.

The Rest…HERE

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