SWIFT Hack Leaves Little Room For Banks To Feign Ignorance

Law360, New York (May 17, 2016, 9:50 PM EDT) -- The Society for Worldwide Interbank Financial Telecommunication recently alerted its members about a malware attack that hit at least two banks that use its platform to exchange secure messages, a warning that financial institutions would be wise to seize on to quickly shore up their defenses in order to reduce their chances of drawing the ire of both customers and regulators.

In a notice sent to its more than 11,000 members on Friday, SWIFT acknowledged that it had identified at least two instances in which unknown assailants first obtained valid operator credentials that they used to submit fraudulent messages requesting money...

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