Financial Forensics in a fragmented ecosystem

Sun, 18 Aug 2024 12:00:00 +0200

Over the past decade, several cyber incidents have shed light on how SWIFT operates between institutions. In 2017, I covered the vulnerabilities with PASSFREELY and the JEEPLEA SIGINT operations revealed in TheShadowBrokers leaks. Additionally, the 2016 Bangladesh Central Bank Heist, orchestrated by North Korea, offered valuable insights into the workings of international inter-bank SWIFT messaging.

Since then, financial messaging standards have undergone significant changes. Legacy standards like ISO 15022 and ISO 8583 are being phased out in favor of ISO 20022. At the same time, new competing standards have emerged, particularly from Russia’s SPFS, India’s Unified Payments Interface, and China’s CIPS. Additionally, Central Bank Digital Currency (CBDC) initiatives have been launched, and smart contract-based centralized stablecoins like USDC, USDT, and BUSD now include features like the ability to freeze transactions.

Forensics on Matt Suiche

Financial Forensics in a fragmented ecosystem