Three years after hackers managed to siphon off more than $100 million from the Bangladeshi central bank's account in the U.S. Federal Reserve, cybercriminals are going smaller.
In 2018, attempted fraudulent transactions ranged from $250,000 and $2 million, down from tens of millions of dollars in the previous two years, interbank messaging system SWIFT said in a report Wednesday. Almost all fraudulent transactions—83 percent—were sent to banks in the Asia-Pacific region, while the targeted lenders were mostly located in countries rated highly corrupt by international regulators, SWIFT said. Tajikistan, Mozambique, and Afghanistan topped those rankings in 2018.
“The higher the value of the instruction, the higher the risk of triggering fraud-detection systems,” SWIFT said in the study. “Since the cyber incident in Bangladesh, the amounts sent in individual fraudulent transactions has evolved, making them harder to detect.”
|See also:
- Partners in Cybercrime Fighting
- Steeling Treasury Against Cyberthreats
- Preventing the Next SWIFT Hack
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
