The global banking network SWIFT still victim of hackers

According to Symantec, software expert in security, it appears that a new group of hackers, called Odinaff, has tackled the SWIFT (Society for Worldwide Interbank Financial Telecommunication), pivot the global financial system. The hacking process appears similar to that used by the group that has seized $ 81 million in early 2016.

So Odinaff infiltrate malware to conceal fraudulent transfer requests sent by the SWIFT network and its mail system that forms the backbone of the global financial system to large companies and organizations.

At its creation in the 1970s, SWIFT system was considered to be the best of secure banking technology. But cyber security and fraud prevention, it is time to fully renew the payment architectures which SWIFT is a member.

In the digital era, attacks against the SWIFT system are similar to burglaries where hackers go directly into the trunk of the bank. This change in procedure aims mainly to steal bank customers and demonstrate the vulnerability of institutions and banking systems.

In fact, hackers now deceive our authentication systems, protection of privacy and control, which means that the internet has to establish the necessary trust. The perfect simulation for any of bank robber, is to duplicate a current valid security badge and the necessary identifiers. The perpetrators use a trusted profile and go unnoticed for long periods. They aim encryption keys and digital certificates, because this help them to access valuable targets still remaining undetected.

Banking systems and the SWIFT one should reduce the identified risk of infringement, and provide the means to determine with who and on what they can build their confidence. It is indeed only by understanding how this trust-based system keys and certificates have been violated we will achieve secure global banking system tomorrow.

The Venafi company, expert in cybersecurity and keys and certificates management, has a security platform able to test and to stop any malicious attempt coming from pirates or terrorists computer. Venafi helps eliminate blind spots from encrypted traffic in real time. Its security platform safely delivers trusted keys to help maximize SSL/TLS decryption, inspection and threat protection. See also

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