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Hackers Target NIC Asia’s SWIFT System

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October 24: Nepal Rastra Bank (NRB) has said that investigation is underway in the case related to hacking of SWIFT system of NIC Asia Bank Ltd which the bank had been using for international transactions with different banks around the world.

The central bank dismissed rumours that all the amount of the bank was stolen and said that there are chances of retrieving the money.

Rajendra Pandit, deputy spokesperson at NRB, said that the recent transactions of NIC Asia Bank with six banks of different countries were unauthorized and the subject matter is being studied. 

NRB also dismissed rumours that six other banks of Nepal are facing the problem in their SWIFT system.

“In course of investigation, we held consultations with heads of the information departments of all the banks and gave suggestions to them to further bolster their security,” Pandit told New Business Age, adding, “The problem has been detected in NIC Asia only and the reasons behind it are still unconfirmed.”

The NRB said it will be clear whether the SWIFT system was hacked or there was some malfunction in the system only after the investigation.

A team led by NRB Governor Dr Chiranjivi Nepal  consisting of deputy governors discussed the subject with SWIFT country chief for Nepal on Monday, October 23.

Experts downplayed the issue saying that the problem was detected only in some transactions and not in the whole system. Pandit said that the situation is not that bad as there are chances that the money transferred can be retrieved. “This is a problem seen in the system and even if someone has hacked it, the amount will still be in the bank. So, the probability of retrieving the money is still there,” he added.

Gyanendra Prasad Dhungana, vice president of Nepal Bankers’ Association (NBA,) asked all the bankers to be aware about such problems.

“The chance of SWIFT system to be hacked is very less so someone with bad intentions must have done the deed,” he further added, “We have received information that the stolen money has started to be retrieved.”

NIC Asia stated that though the company had suspected its transactions being hacked, the truth is yet to be unfolded. NIC Asia has requested NRB to investigate  the transactions with six banks through Financial Information Unit (FIU).

 

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