Banks Scrutinize SWIFT Following Electronic Heists

The report describes a string of coordinated cybercriminal attacks targeting banks' SWIFT transfer processes: attackers used stolen SWIFT credentials and malware to initiate fraudulent transfers (including the Bangladesh $100M theft and attempts in Vietnam). As a result, banks like JP Morgan are restricting SWIFT access and reviewing security controls while SWIFT urges members to strengthen employee screening, passwords, and transfer-initiation defenses.