Interbank Payments: Attackers' New Target

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Image Source: Article

The breach of an offshore account owned by Union Bank of India is raising new questions about the security of interbank payments, which often rely on antiquated back-end verification processes that fraudsters seem to be compromising with relative ease.

In July, Union Bank of India told Reuters that a breach of one of its nostro accounts had been quickly detected and that attackers' attempts to fraudulently transfer funds from that account had been foiled.

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