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.
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