As widely reported, the Spanish police raided last year the Madrid offices of the Chinese state-run Industrial and Commercial Bank of China (“ICBC”), the world’s biggest bank by assets. In the nearly 18 months following that...more
In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more
On January 17, 2017, officials in Farmington, Connecticut disclosed that the town was recently the victim of a multi-million dollar theft likely perpetrated by sophisticated cybercriminals operating in China. The thieves...more
As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve,...more
An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more