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Cybersecurity Incident Involving the Use of Falsified SWIFT Messages

Ref No : 03/18/09 29 Mar 2018 Embargo : For immediate release    

On 27 March 2018, Bank Negara Malaysia (Bank) detected and foiled a cybersecurity incident involving attempted unauthorised fund transfers using falsified SWIFT messages. All unauthorised transactions were stopped through prompt action in strong collaboration with SWIFT, other central banks and financial institutions.

The Bank did not experience any financial loss in this incident. There was also no disruption to other payment and settlement systems that the Bank operates.

The Bank is presently conducting a comprehensive investigation in collaboration with local and international law enforcement agencies on this incident.

The Bank is pleased to note that to-date all risk control measures in place are effective to curtail this incident. However, the Bank 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. 

Financial institutions are also advised to be vigilant of the heightened risk in cybersecurity and continue to strengthen their security safeguards against these incidences.

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.

Bank Negara Malaysia
29 Mar 2018

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