https://www.businesstimes.com.sg/banking-finance/south-east-asian-banks-most-used-to-receive-funds-from-fraudulent-transactions-swift
By Vivienne Tay
The Business Times
April 12, 2019
HACKERS used South-east Asian banks to receive funds from 83 per cent of all
studied fraudulent transactions in 2018 and 2019, according to global payments
network SWIFT.
The remaining 17 per cent were spread across Europe, North America and the
Middle East, SWIFT said in a recent report.
Called beneficiary or “mule” accounts, these bank accounts are typically used
by hackers to materialise funds extracted from financial systems.
South-east Asian financial institutions were also named as one of the major
targets by cyber attackers over the last 15 months, with other regions targeted
including Africa, Central Asia and Latin America. In all cases, targeted
institutions were banks with smaller cross-border transactions per day.
[...]
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