Electronic Transactions - SWIFT Breaches Highlight Growing Wire Fraud

In the film Ocean’s Eleven, George Clooney assembled a team of 11 expert criminals to steal $160 Million from 3 casinos in Vegas; a feat never before accomplished. This team used their unique skills to design out a plan, acquire the proper tools, practice each step, and flawlessly execute the heist. The SWIFT funds transfer system experienced a similar attack by a group of skilled cybercriminals which attempted to steal $951 Million, apparently having much bigger eyes then George Clooney. They didn’t execute the plan as flawlessly, however. The attackers were only successful in getting 5 of the 35 wire transfer requests processed, moving $81 Million dollars from the Federal Reserve Bank of New York belonging to a Bangladesh Bank. The $81 Million ended up with a beneficiary in the Philippines, which is associated to three casinos (reverse situation from Oceans 11). 

Scenarios like the Bangladesh Bank, and others like CEO Fraud and Business Email Compromise are resulting in significantly increased losses for financial institutions. As a result, the FFIEC has issued guidance to financial institutions about their responsibilities to protect electronic funds transfer and payment systems with ongoing risk assessments to mitigate information security, business continuity, and third-party providers. 

In this hot topic webinar, we will provide background on the SWIFT losses, explore how these fraud schemes work, and cover regulatory expectations for financial institutions. We describe ways institutions can address the FFIEC guidance and thwart future sequels to Oceans 11, CEO Fraud, and other wire fraud.


Covered Topics:

    • Conduct ongoing information security risk assessments
    • Perform security monitoring, prevention, and risk mitigation
    • Protect against unauthorized access
    • Implement and test controls around critical systems regularly
    • Manage business continuity risk
    • Enhance information security awareness and training programs
    • Participate in industry information-sharing forums

    Who Should Attend?

    Join us in this management-level discussion around core issues in wire fraud, and how to build a repeatable framework to address these issues. This presentation is geared towards executives, information security, and operational people looking to understand how the fraud is happening and what needs to be done in their institution. Investigations into similar fraud cases are underway as we speak. Join us to reduce the risk of being cast in Oceans 14.
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       OnDemand Recording - $185   
       CD-ROM - $235