Tuesday, April 26, 2016

As cyber-thieves used SWIFT to steal $80 million from the Fed, how safe are your accounts from hackers?

The American people have been subconsciously programmed to trust both their government, and their banking systems as institutions dedicated to protecting their money and livelihoods.  However, just as we are seeing today in the race for the Presidency, and in a cyber-hack of the Federal Reserve by foreigners, security only exists to protect the establishment, and actions are only taken when their power is threatened.
In 2010 Congress passed legislation to put the onus of bailing out banks on the depositors, and away from the responsibility that was supposed to be assigned to Federal regulators.  And while further laws were later enacted to go after common Americans who might have moved their money offshore in past years (FATCA), little has been done to protect vital areas such as the grid, or the U.S. banking system itself from hackers and cyber-attacks.
Which leads one to wonder why the recent theft of over $80 million by cyber-thieves out of Bangladesh against the Federal Reserve itself, and through loopholes in the SWIFT system, have received little fanfare or seriousness by Washington.  And the only answer that can be determined is that those sovereign and NGO entities who use SWIFT for money laundering must protect their mechanisms at all costs, even at the potential loss of tens of millions of dollars.


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