When it comes to security, the conventional financial system is no better, if not worse off than the Bitcoin ecosystem. The latest communication sent out by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to all its member banks specifically highlights that.
SWIFT is one of the leading global banking networks that facilitates fund transfers between banks across the world. The notice to member banks lists few hacking attempts on the banks and banking network in the recent days. It calls for banks to upgrade their cybersecurity at the earliest, in the wake of multiple breaching incidents.
SWIFT had already asked banks to focus on the latest security implementation after $81 million was stolen from a bank in Bangladesh. In recent attempts, hackers using sophisticated methods have been marginally successful in illegally authorizing fund transfers over SWIFT. A news report carried by a leading news media publication quotes the original SWIFT letter saying:
“Customers’ environments have been compromised and subsequent attempts were made to send fraudulent payment instructions. The threat is persistent, adaptive and sophisticated – and it is here to stay”
Blockchain vs SWIFT
The same publication recently reported on the persistent cyber-attack threat looming over cryptocurrency exchanges. It reported that over 33% of