SWIFT Hacks No Surprise To Bank Alliance

SWIFT, the global financial network that banks use to transfer billions of dollars every day, warned its customers on Monday that it was aware of “a number of recent cyber incidents” where attackers had sent fraudulent messages over its system.

The disclosure came as law enforcement authorities in Bangladesh and elsewhere investigated the February cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank. SWIFT has acknowledged that the scheme involved altering SWIFT software on Bangladesh Bank’s computers to hide evidence of fraudulent transfers.

U.S., China Agree Not to Conduct, Support Cyber Theft

The only reason that the U.S. would make a deal with China is that China now does a better job at cyberwarfare and has the upper hand, thanks to years of Obama’s dismantling of America. What’s more, everyone knows China isn’t going to stick to the agreement and continue operations. This capitulation signals America is losing its edge.

 

U.S. President Barack Obama and his Chinese counterpart Xi Jinping have agreed that neither country’s government will conduct or “knowingly” support cyber theft of intellectual property or commercial trade secrets, an issue that has been a source of tensions.

“I indicated it [cyber theft] has to stop.” Obama said at a joint news conference after private talks with Xi at the White House Friday. “This is progress, but I have to insist that our work is not yet done.”