Swift cozy a messaging service which is used by banks to transfer cash around the sectors. It mentioned that it is going to improve security so that certain attacks by the hackers can be controlled or may be avoided. Recently hackers stole millions of dollars from Banks and Ecuador. Swift says that they will consult with their owners and users regarding the measures including the potential for the development of new tools through which they can spot these activities. In future it may seek to check messages inside to ensure that the payment instructions are consistent with customers normal account patterns to Spot unusual transactions. Belgium based Cooperative which is the backbone of the international finance for four decades and revelations in the recent months that several banks suffered a serious attacks on the Swift terminal. In February thieves hacked the Swift system of Bangladesh central bank by sending messages to Federal Reserve bank of New York permitting to stole $81 million. This attacks followed the theft of $12 million in Ecuador and an attack on Vietnam's Tien Phong Bank but that wasn't successful. On Friday the European Banking Authority stress to test their financial institution for cyber risks and warning banks might required to hold extra capital as a buffer against what is an emerging threat. It will also look into requiring customers to use existing security measures such as authentication of payment instructions. They will a lso develop a new audit frame works so that they can confirm that their clients are having an appropriate Security measures in place around Swift terminals. It stated that it encourages banks who shares the information to others when they are attacked so that trends and tactics in cyber criminal behaviors can be identified and tackled
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