Tuesday, July 3, 2012

How Safe Is That Bank Transfer? - SWIFT Becomes A Hackers' Paradise.

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I've held off reporting about this particular item because I was hoping that some significant measures might be taken internationally, through the regulatory authorities and the central banks who participate in the system. Sadly, nothing of any substance has been changed and focus deflected away from the problem. 

 You can no longer trust the integrity of the SWIFT bank instrument transfer network. It is easily hacked, has been hacked, is technologically archaic and is subject (as it always has been) to certain internal opportunists who trade on the information which they see coming across the wires, or delay the transmittal required for the execution of orders and the conveyances of cash and financial instruments.

Avoid SWIFT if you can. If you cannot get a third party guarantor (FCIA, OPIC or some other credit or data integrity insurance agency) to directly vouchsafe your transaction, be certain to get every single official's name, email address, physical address and direct telephone number [in addition to all of the wireroom and account number information] on both sides (or on all sides if there is a re-transmittal or re-wiring to a third destination) so that you may get verification of each phase of the transaction.

An article extract follows for your interest.

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