Banks tighten SWIFT system security after hacks

Being more prepared: Bankers at SWIFT's annual SIBOS conference in Geneva said they were adopting new security tools and reviewing procedures.

GENEVA: Banks are tightening the security of their SWIFT messaging networks – used by the industry to shift trillions of dollars each day – following revelations that hackers are increasingly able to get into this system to steal money.

Bankers at SWIFT's annual SIBOS conference in Geneva said they were adopting new security tools, reviewing procedures and pressing their counterparties to do the same. Some banks are also looking at alternative technologies for transferring money, such as blockchain-type systems.