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NEWS - SWIFT acknowledged for vulnerability in their services

Posted On : Jul 18th 2016 by Mahendra Kshirsagar

In changing world, world's leading financial institutes are seeking external secure networks to send and receive the information about the financial transactions. These financial institutes outsource these services to societies like SWIFT [Society for Worldwide Interbank Financial Telecommunication]. SWIFT assigns 8 digit to 11 digit code to the financial organizations where first two digits represent institute code, next two digits assigns country code, next two digits represent the location and last digits are used to represent the relevant branches. As per few security blogs, hackers have customized malware program to gain access to swift alliance software server.

SWIFT hack

This is what HACKERs do

1. These Malware decrypts terms to scan within SWIFT messages.
2. Also, Malware then identifies the SWIFT Application and bypass the validity check by exploiting it.
3. Confirmation messages from SWIFT are now being monitored by malware.
4. SWIFT messages then tamper with in real time & the files are now being scanned after the files are matched the financial transaction is now deleted.
5. Hackers can now have access to financial domain.

SWIFT definitely requires an urgent security update with a High alert for Financial Institutions.

courtsey : Amit Darange [ mailtoamit13 (at) Gmail (dot) com ]  

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