Taiwan’s Far Eastern Bank recently made world headlines, not because of its financial prowess, but because hackers stole $60m.

Remember the SWIFT system that made a lot of noise last year? Several banks around the world lost millions of dollars overnight because of a serious security problem in the SWIFT system, and this security problem was taken to the extreme by hackers, instantly making banks lose their money.

Taiwan far East Bank was stolen by hackers a huge amount of money

The SWIFT system was also responsible for the theft of $60 million from Taiwan’s Far Eastern Bank, which was used by hackers to install malware on the bank’s servers. But Taiwan’s Central News Agency reported that most of the stolen money has been recovered, with only $500,000 remaining, and police have arrested two suspects.

Taiwan’s Far Eastern Bank later confirmed the hack, saying that unknown hackers had planted malicious software on its computers and stolen user account passwords for money transfers, which were then used to transfer $60 million to accounts in the United States, Cambodia and Sri Lanka.

In an effort to prevent online fraud, Taiwan Premier Lai Teh-ching has ordered all government agencies to review their information security defences and prepare responses to cyber incidents before they occur. The Taiwan Criminal Police department has been involved in the investigation, and it is believed that the results of the investigation will be released soon.

Most of the stolen money has been recovered and two suspects, Shalila Moonesinghe, chairman of Litro Gas, have been arrested by local police. Sri Lanka is trying to find a third suspect in a total of three suspects.

How many banks are in trouble with SWIFT

In February 2016, Bangladesh’s central bank was robbed of $80 million by hackers due to a flaw in its SWIFT system.

In May 2016, a commercial bank was also unfortunately hacked;

In May 2016, $12 million was stolen from Banco del Austro (BDA) in Ecuador;

In June 2016, $10 million was stolen from a Bank in Ukraine.

…

Due to the security problems of SWIFT system, direct economic losses have reached hundreds of millions of dollars, which shows the seriousness of security problems.

www.4hou.com/info/news/7…