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Money Know-How

SWIFT Was Hacked And You Are Better Off Transferring Money Without It

Recently, SWIFT system was hacked and $81 million was successfully stolen. The money was sent to the Philippines to accounts at the Rizal Commercial Banking Corp (RCBC) held by two Chinese nationals who organize gambling junkets in Macau and the Philippines, as stated in this article.

There had been a lot of fingers pointed on the functionality of SWIFT system because hackers are attacking the system from time to time and they are able to hack any country’s system via malware that leads to limited targeted attacks due to which money as well as clients/customers personal data gets stolen. Apart from this there is no transparency while transacting as no one knows what happens in the systems when one transacts using SWIFT.

What is SWIFT?

Society for Worldwide Inter bank Financial Telecommunication (SWIFT) is a cooperative society under Belgian law owned by its member financial institutions serving more than 200 countries and territories. It provides a network to allow financial and non-financial institutions to transfer financial transactions through a ‘financial message’.

“SWIFT is neither a Financial Institution nor a payment system: SWIFT is solely a carrier of messages”

Who uses SWIFT and the volume it handles?

Behind most international money and security transfers is the SWIFT system, a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information such as money transfer instructions.

Every day, nearly 10,000 SWIFT member institutions send approximately 24 million messages on the network.

Send money InstaReM Way

InstaReM is a cross border money transfer portal focused on remitting money to Asian countries. We use local bank transfers as a way of sending your money around. This negates the SWIFT insecurities and makes us a safer way of transferring your hard earned money.

Transaction process at near inter-bank rates and we never charge any transaction fees, which means you get more value for the money you send back home. In fact we were rated the most affordable money remittance provider for AUS-IND by none other than the World Bank itself.

We have a safe and quick registration process and you never have to step out of your home to remit money. It’s all done online at www.instarem.com.

Don’t just sit and read, register now and give InstaReM a try. You will love it, for sure!

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