1. What Happened At SWIFT?

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1. What happened at SWIFT?
• SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, a highly secured system, was hacked. The hackers, Bangladesh bank, stole credentials to transmit messages between each other and used a PDF reader for checking financial statements. They were able to trick the Federal Reserve Bank of New York into sending a large amount, $81 billion dollars, to funds that was being held to accounts located in the Philippines. So, the Federal Reserve thought they were transferring money into SWIFT accounts but in reality, they were going to accounts that were not really SWIFT accounts.
2. What issue does this particular incidence signify?
• I think the number one issue is lack of security protection

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