News Risk Management11 Apr 2018

Malaysia:Central bank foils attempted thefts of funds via SWIFT

11 Apr 2018

Malaysia's central bank recently detected and foiled a cybersecurity incident involving attempted unauthorised fund transfers using falsified SWIFT messages.

Bank Negara said in a statement that it did not experience any financial loss in this incident and there was also no disruption to other payment and settlement systems it operated.

“Bank Negara Malaysia would like to assure members of the public that the Malaysian payment and settlement systems remained unaffected and continue to operate normally,” it said.

It added that all unauthorised transactions were stopped through prompt action in strong collaboration with SWIFT, other central banks and financial institutions.

While it noted that all risk control measures in place were effective to curtail this incident, it has taken additional safeguards to protect its stakeholders.

“The Bank will also remain on high alert and always be on a state of readiness as future incidents will likely involve a higher degree of sophistication and design,” said the central bank, advising financial institutions to be vigilant of the heightened risk in cybersecurity and continue to strengthen their security safeguards against these incidences.

Bank Negara said it is currently conducting a comprehensive investigation in collaboration with local and international law enforcement agencies on this incident.

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