Swift — the Society for Worldwide Interbank Financial Telecommunication — is billed as a supersecure system that banks use to authorize payments from one account to another. However, last week, Swift announced that hackers had captured $81 million from Bangladesh’s central bank in February and that other similar heists have been attempted.
1. According to Chris Larsen, the founder of a financial technology company, what is wrong with Swift?
2. What were some of the internal control problems at the Bangladesh central bank?
3. Why was the timing of the malware attack perfect?
4. What was the most interesting thing that you learned from the article?
Corkery, M. (2016). Hackers’ $81 Million Sneak Attack on World Banking. The New York Times, April 30 (Retrievable online at http://www.nytimes.com/2016/05/01/business/dealbook/hackers-81-million-sneak-attack-on-world-banking.html)