Swift user break-ins a ‘repeat business’ for hackers

Cyber thieves have accessed the interbank messaging system through small, developing world banks

Interbank messaging system has been compromised at least eight times in three years

Cyber criminals have hit upon a seemingly secure business model: take control of the payment system of a smaller bank in an emerging country; get access to the Swift network; then route fraudulent transactions through banks in developed countries.

The pattern has repeated itself on at least eight occasions in the past three years. 

Banco del Austro, an Ecuadorian bank, sued Wells Fargo in 2016 for approving fraudulent wire transfers totalling $12 million. Cuenca-based Banco del Austro alleged

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