Whether you work at a bank or at the treasury desk of a large corporate, most of us are working remotely and becoming increasingly dependent on digital processes. This dependence can increase vulnerabilities to cyber attacks.
A session all about the cyber threats the sector faces was a highlight on day 2 of Swift’s Community Update – Focus on Europe virtual event, which explored how fraudsters perpetrate an attack and attempt to legitimise their ill-gotten gains, as well as how the industry is working together to fight back.
Hacking the system
Fraudsters targeting financial services are not going away. Despite the technological advancements in security in recent years, it is still the human factor – usually through an email compromise – that is the easiest way into a bank’s network.
Attackers are well-resourced, constantly evolving their modus operandi and racing to make use of new technologies such as artificial intelligence and machine learning.
Some of the payment fraud trends Swift has observed include:
- Attackers targeting banks which process a low amount of cross-border payments and are based in countries with a high or very high risk…
