Cyber Fraud At SWIFT – $81 Million Stolen From Central Bank

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SWIFT (Wikipedia)

 

Swift, the vital global financial network that western financial services companies, institutions and banks use for all payments and transfer billions of dollars every day, warned its customers yesterday evening that it was aware of cyber fraud and a number of recent “cyber incidents” where attackers had sent fraudulent messages over its system and $81 million was apparently stolen from a central bank.

As reported by Reuters, the disclosure came as law enforcement agencies investigate 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. Continue reading

A Serious Threat to Western Nations

On 21 September 1999 Richard L. Palmer, President of Cachet International, Inc. testified on “the infiltration of the Western financial system by elements of Russian organized crime before the House Committee on Banking and Financial Services….” His full testimony can be read at the Web site for the Committee on Financial Services – Democrats. Palmer’s testimony, like that of many experts, has never been placed in proper context.

Palmer warned the House Committee of “serious threats to Western nations.” He had worked as an Army intelligence officer in Europe, and served 20 years in the Operations Directorate of the CIA. His final assignment was as Chief of Station in the former Soviet Union from 1992 to 1994. For several years he monitored criminal activities related to the Russian mafia. Palmer told the Committee he had direct experience working with former Soviet security and police services, “as well as members of Russian banking, business, Organized Crime and corrupt officials.”

Full article: A Serious Threat to Western Nations (JR Nyquist)