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Philippine Banks On Alert After Cyber Attack At Malaysia Central Bank

Philippine Banks On Alert After Cyber Attack At Malaysia Central Bank

The Philippine central bank has warned local financial institutions after an Internet attack at Malaysia’s central bank, where hackers attempted to steal money using fake transfer, the governor’s they said on Saturday.

Bank Negara Malaysia (BNM) said no money was lost in the case it had identified on Tuesday, and involved requests for fraudulent wire transfers via SWIFT’s latest messaging network. in a variety of electronic heist at financial institutions around the world.

Although banks have done it as SOP (standard operating procedure), “Governor Bangko Sentral ng Pilipinas Nestor Espenilla said in a phone message. We made a general warning when we received BNM’s advice to be more careful during the long holiday.

“Sharing information is part of the protocols against cybercriminals,” Espenilla said.

The alert was issued Wednesday, and there is no specific threat, officials said.

Negara did not say who was behind the attack or how they accessed SWIFT servers. The central bank, which oversees 45 commercial banks in Malaysia, said Thursday that there is no interruption to other payment and settlement systems that the central bank operates because of the cyberattack.

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In February 2016, the Philippine financial system became the focus of global attention after $ 81 million was stolen from the central bank of Bangladesh and converted into some accounts at Rizal Commercial Banking Corp. (RCBC) in Manila, before disappearing into the casino industry.

Salvation in Bangladesh has led the financial institutions around the globe to increase security. No words of responsibility and Dhaka was able to recover only about $ 15 million.

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The Philippine Central Bank fined a record 1 billion pesos ($ 20 million) by 2016 for failing to stop the movement of stolen funds. RCBC blamed employees for the incident.

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