SWIFT CEO fights to restore faith in bank messaging system

By Tom Bergin LONDON (Reuters) – The chief executive of secure messaging system SWIFT said the theft of $81 million from Bangladesh’s central bank, by criminals sending fraudulent payment instructions via SWIFT, would force the organization to shrink and review its strategy. Gottfried Leibbrandt told Reuters he would be forced to scale back some of SWIFT’s operations to help pay for new security initiatives it plans. In February, thieves hacked into Bank Bangladesh’s interface with SWIFT’s network — a fund-transfer pipeline that is the backbone of international finance.

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