SWIFT messaging networks are used by banks to move around trillions of dollars every day
The system has been hacked previously and money stolen (the central bank in Bangaladesh has had more than $80mn stolen), and efforts to tighten the system are ongoing.
Attendees at SWIFT's annual SIBOS conference in Geneva said they are
- Adopting new security tools
- Reviewing procedures
- Asking counterparties to do the same
- Also looking at alternative technologies (eg. blockchain-type systems)
