Thursday, July 21, 2016

FAILING TO SPOT THE WARNING SIGNS

It was among the most audacious cyber-heists ever to emerge – shining a light on worrying weaknesses in the global financial system and into a little-known corner of the U.S. Federal Reserve
The heist revealed that the New York Fed lacked a system for spotting potential fraud in real time – even though such systems are used elsewhere – instead relying at times on checking payments after they were made, usually for problems such as violating U.S. sanctions.
 

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