The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system is a network that enables financial institutions to send and receive information about financial transactions in a secure, standardized, and reliable environment. The SWIFT network links more than 11,000 financial institutions in more than 200 countries and territories worldwide. As such, the SWIFT network requires a level of trust between member institutions to ensure its integrity. The network is a closed system with well-integrated internal security, and as such, banks view messages sent via the SWIFT network as inherently trustworthy. Unfortunately, the SWIFT network has increasingly become a target of attackers over the past few years, and traditional security measures are no longer sufficient to deter and stop attackers.
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