South-east Asian banks most used to receive funds from fraudulent transactions: SWIFT

[InfoSec News <alerts () infosecnews org>]

https://www.businesstimes.com.sg/banking-finance/south-east-asian-banks-most-used-to-receive-funds-from-fraudulent-transactions-swift

By Vivienne Tay
The Business Times
April 12, 2019

HACKERS used South-east Asian banks to receive funds from 83 per cent of all 
studied fraudulent transactions in 2018 and 2019, according to global payments 
network SWIFT.

The remaining 17 per cent were spread across Europe, North America and the 
Middle East, SWIFT said in a recent report.

Called beneficiary or “mule” accounts, these bank accounts are typically used 
by hackers to materialise funds extracted from financial systems.

South-east Asian financial institutions were also named as one of the major 
targets by cyber attackers over the last 15 months, with other regions targeted 
including Africa, Central Asia and Latin America. In all cases, targeted 
institutions were banks with smaller cross-border transactions per day.

[...]

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