Cyber attacks on banks: from messaging-network heists to stealthy intrusions

1Introduction

Breaching a bank leads directly to money or valuable customer data, attracting well-resourced groups.

2Discussion

In the 2016 Bangladesh Bank heist, attackers used compromised SWIFT credentials to issue fraudulent transfers, prompting SWIFT’s Customer Security Programme.

Groups such as Carbanak used spear phishing, watched internal processes for months, then manipulated balances, ATMs and transfers.

Customer-side threats: OTP-stealing mobile malware, fake gateways, account takeover and ATM jackpotting.

Lessons: segmentation, MFA, behavioural monitoring, four-eyes approval and independent reconciliation.

3Conclusion

Cybersecurity belongs in enterprise risk management at board level.