1. How Banks Got Hacked

2. AGENDA
What is SWIFT
Bangladesh Heist Complexity
Modus Operandi of the Attacks
Latest Hacks and Communiy Response

3. What is SWIFT? Society for Worldwide Interbank Financial Telecommunication

4. What is SWIFT? Correspondent Banking Basics

5. Bangladesh Heist Complexity

6. Modus Operandi of the Attacks
Technical Knowhow
Business Knowhow

7. Latest Hacks and Financial Community Response What is new
Hackers Still
Using phishing s to compromise bank systems
Around 250 days monitoring the transaction flow after penetrating the bank
Use valid operator credentials to submit fraudulent SWIFT messages
The Response
Launch of SWIFT Customer Security Programme
More frequent patching of the systems
Mandatory usage of 2FA for bank SWIFT operators
Systems monitoring with business rules
Adoption of a threat hunting program to detect attackers sooner
Hiding evidence
Is the only change. Hackers simply crash the server after submitting messages.
An average of 72 hours is required to clear the money from the next correspondent