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Banco de Chile Loses $10 Million in SWIFT-Related Attack

Banco-de-chile-loses-10-million-in-swift-related-attack-showcase_image-1-a-11075

Anti-Malware , Fraud , Payments Fraud

Banco de Chile Loses $10 Million in SWIFT-Related Attack First, Attackers Distracted Bank, Using Buhtrap Malware to Cause Mayhem Jeremy Kirk (jeremy_kirk) • June 13, 2018 Photo: Wikimedia Commons

A common hacker tactic is to deploy destructive malware to distract defenders from a separate, full-on attack that targets an organization's crown jewels. Call it the electronic version of a smash-and-grab attack, but without breaking windows.

See Also: Live Webinar: Dismantling Bot Armies With Behavioral Biometrics

This "smokescreen" style of attack was most recently used against Banco de Chile, the country's second largest bank, which on May 24 lost about $10 million due to fraudulent SWIFT wire transfers. The theft happened while the bank was dealing with hundreds of workstations and servers that suddenly stopped working.

The Banco de Chile attack follows an uptick in attacks against banks in Latin America. Last month, five banks in...(continued)

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