Bank Negara says it foiled cyber heist attempt

  • Banking
  • Thursday, 29 Mar 2018

People wearing balaclavas are silhouetted as they pose with a laptops in front of a screen projected with the word 'cyber crime' and binary code, in this picture illustration taken in Zenica October 29, 2014. REUTERS/Dado Ruvic

KUALA LUMPUR: Bank Negara said on Thursday that it had detected and foiled a cybersecurity incident involving attempted unauthorised fund transfers using falsified SWIFT messages.

The attempted cyber heist was thwarted on Tuesday.

“All unauthorised transactions were stopped through prompt action in strong collaboration with SWIFT, other central banks and financial institutions,” the central bank said in a statement.

It is conducting a comprehensive investigation in collaboration with local and international law enforcement agencies on this incident.

Bank Negara said to-date all risk control measures in place are effective to curtail this incident and it has taken additional safeguards to protect its stakeholders.

The central bank said it did not suffer any financial loss in this incident. There was also no disruption to other payment and settlement systems that the central bank operates.

It remains on high alert as future incidents will likely involve a higher degree of sophistication and design. 

“Financial institutions are also advised to be vigilant of the heightened risk in cybersecurity and continue to strengthen their security safeguards against these incidences,” it said.

Bank Negara has assured members of the public that the Malaysian payment and settlement systems remained unaffected and continue to operate normally.

SWIFT’s global messaging services are used by more than 11,000 financial institutions in more than 200 countries to move trillions worth of money each day.

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