Banks struggle to cope with rising cyber threat

Banks struggle to cope with rising cyber threat

In Depth

In the Spring of 2018, hackers infiltrated Mexico’s Interbank Electronic Payment System (SPEI), a network that allows customers of participating banks to electronically transfer or receive money. The cybercriminals created phantom orders that caused SPEI to wire funds from legitimate accounts to fake ones in other institutions. The money was then promptly withdrawn from branches and ATMs in dozens of locations. The cyberattack targeted five banks, including Banorte, Mexico’s second-largest bank. In the end, the Mexican central bank tallied the losses at 300 million pesos, or roughly $15 million. Since then, cyberattacks on SPEI, which can process as many as seven million payments on a busy d

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