Task Force Formed On Cybersecurity

On Friday (Sept. 16), the world’s major central banks launched a task force focused on cybersecurity in cross-border banking and protecting interbank payments.

In a statement, Benoit Coeure, chairman of the Committee on Payments and Market Infrastructures, part of the Bank for International Settlements, said that recent incidents of cyberfraud have become a concern for the central banking community.

“We are working to make sure there are adequate checks and balances in place at each stage of the payments process,” said Coeure, adding that the committee will decide on procedures and the review of current practices.

The formation of the task force was prompted by the $81 million heist which happened in February. Bangladesh Bank was broken into by hackers that tried to steal as much as $951 million. They were able to take off with $81 million in what is considered one of the largest cyberthefts worldwide. After the money landed at Rizal Commercial Banking Corp., it was laundered by way of the casino industry in the Philippines, and investigators have not been able to trace it since then.

The Federal Reserve Bank of New York has called upon the Philippines’ central bank to aid in helping Bangladesh Bank get back the $81 million stolen.