The SWIFT secure messaging service that underpins international banking said it plans to launch a new security program as it fights to rebuild its reputation in the wake of the Bangladesh Bank heist.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT)'s chief executive, Gottfried Leibbrandt will tell a financial services conference in Brussels that SWIFT will launch a five-point plan later this week.
Banks send payment instructions to one another via SWIFT messages. In February thieves hacked into the SWIFT system of the Bangladesh central bank, sending messages to the Federal Reserve Bank of New York allowing them to steal $81 million.
The attack follows a similar but little noticed theft from Banco del Austro in Ecuador last year that netted thieves over $12 million and a previously undisclosed attack on Vietnam's Tien Phong Bank that was not successful.