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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