Categories: FinanceNews

Ecuador Bank Claims To Have Suffered From A SWIFT Breach In 2015

The SWIFT story is far from over, as yet another bank says they have lost funds during the 2015 attack. A bank in Ecuador claims they have been attacked in the same way as Bangladesh bank back in 2015, resulting in a US$12m loss.

Smaller Banks Give SWIFT Team More Worries

Contrary to popular belief, the SWIFT

protocol has not been taken advantage of twice, but three times in less than a year. Or that is what Banco del Austro SA in Ecuador told the media, as they reported   US$12m loss through a method sharing a lot of similarities with eh Bangladesh bank heist of US$80m last year.

Although SWIFT authorities have mentioned there was nothing wrong with the interbank gateway after the Bangladesh heist, that appears to be not entirely accurate. If the story regarding the Ecuador bank is real, the gateway is far more vulnerable than most people anticipated, and future breaches are not unlikely.

Banco del Austro SA filed a lawsuit against Wells Fargo claiming hackers had obtained codes used by the bank to move money via the SWIFT protocol. The credentials were then used to transfer funds from the US bank. This story comes at an odd time, though, considering the alleged breach took place fifteen months ago.

Related Post

At the same time, this points out another significant flaw in the banking world, as communication between parties seems pretty much non-existent. This makes it virtually impossible to coordinate between banks to prevent these breaches from happening, and leaves them dealing with the aftermath.

More and more of these stories are coming out as of late, as Vietnam’s Tien Phong Commercial Joint Stock Bank reported the unsuccessful transfer request for US$1.1m. Similar to the two – or three? – other attacks, a third-party service connected to the SWIFT system was used to make the transfer request.

Source: Tech Worm

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

6 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

6 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

6 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

7 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

8 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

10 hours ago