Tags: Swift

Comodo Labs spots SWIFT phishing attack

2018 has been a tough start for international banking system SWIFT. A report from the Russian Central Bank said hackers stole $6 million in an attack on the SWIFT network last year. That attack, like previous attacks in Bangladesh relied on attackers targeting the SWIFT terminals inside banks. The attacks led to SWIFT creating its…

Central bank cryptocurrency to upset the bank applecart?

Blockchain or distributed ledger technology (DLT) possesses recognised potential for the finance, and especially banking industry. While many top bankers descry Bitcoin, they understand that blockchain could open new doors to ways of doing business, and upset the bank applecart. Banks, however, have kept quiet about an even bigger threat. That could come from their…

Blockchain scalability addressed by two more startups

Blockchain throughput is, arguably, the dagger hanging over widespread blockchain adoption. There are two fundamental and interrelated problems. A blockchain’s size and its ability to transact (to register additional transactions which ad to the blockchain size. After all a blockchain is the immutable record of all transactions. It cannot shrink to order. To ‘picture’ this,…

Visa follows, or leads, AmEx and Mastercard

In late 2016, Visa previewed B2B Connect, its offering-to-be to transform the business-to-business (B2B) payments space. Since then, it has worked at partnering with financial institutions around the world to transform the 2016 vision into a platform that can now process bank-to-bank test transactions ahead of a full commercial launch in mid-2018. Its objectives, and…

AmEx introduces blockchain-enabled crossborder transfers

American Express (AmEx) has announced the introduction of blockchain-enabled, business-to-business cross-border payments. The American Express® FX International Payments (FXIP) business is working with: Ripple, a provider of enterprise global blockchain solutions Santander UK The objective is to: make blockchain payments commercially available reduce the time and cost of settlement maintain the level of security that…

The Interledger Protocol – a great disintermediator?

The InterLedger Protocol (ILP) is the creation of two Ripple engineers – Stefan Thomas and Evan Schwarz. Their ‘invention‘ is a curious beast which has become part of W3C (as the Interledger W3C Community Group). The website offers a bare minimum of information and most people seem to associate ILP with blockchains. In the view…

Mizuho’s trade finance transaction trial completes

Mizuho started a trade finance initiative using blockchain earlier this year. It has now completed a trade transaction between Australia and Japan in which the participants were: Mizuho Financial Group, Inc. (Mitzuho) Marubeni Corporation Sompo Japan Nipponkoa Insurance Inc. In this context blockchain is a form of distributed ledger technology (DLT). It utilizes a system…

22 more banks join SWIFT blockchain PoC

22 more banks join the SWIFT blockchain proof of concept (PoC). SWIFT has designed the PoC to validate whether the technology can help banks reconcile their international nostro accounts in real time. Th PoC is part of SWIFT’s ‘gpi’ (global payments innovation) service, the new standard for cross-border payments. The banks that have joined include:…

SWIFT discloses new hacking attacks

Banks using the SWIFT financial messaging system continue to be successfully hacked. In a news report by Reuters, it revealed that SWIFT has sent a private letter to clients advising them that a string of cyber-attacks have surfaced since June this year. Some of those have been successful although SWIFT stopped short of saying how much…

Customer or attacker?

Kaspersky Lab has announced that 38% of financial companies cannot tell the difference between customer behaviour and a cyber attacker. The details are contained in a survey conducted by Kaspersky and B2B International although the details were not available for independent review. The news should send shock waves through banks, financial services companies and regulators.…