Dive Brief:

• The SWIFT financial network has continued to suffer regular attacks by cybercriminals over the last six months, according to new information obtained by Reuters.
• SWIFT reportedly issued a letter to its members urging them to remain vigilant and warning that cybercriminals are employing tactics that use software to allow technicians access to provide computer support, Reuters reports. 
• Stephen Gilderdale, head of SWIFT’s Customer Security Programme, told Reuters that about a fifth of the more recent attacks have resulted in stolen funds.

Dive Insight:

Despite a number of efforts to improve security at its member banks, SWIFT continues to thwart attacks almost a year after criminals used SWIFT messages to help steal a record-breaking $81 million from the Bangladesh central bank in February.

In September SWIFT Chairman Yawar Shah said cyberattacks on banks are growing, and all banks needed to tighten their security practices.

SWIFT has been criticized for not taking security seriously enough. Cyberattackers are targeting the SWIFT messaging network, in particular, because they can derail or create fraudulent transfers, thereby accessing funds.