Third time unlucky for Swift as Ecuador bank hacked

Ecuadorian bank Banco del Austro has become the third victim of hacking through the Swift system, with cybercriminals stealing around $9 million. This latest revelation follows a $101 million cyber heist in Bangladesh; and Vietnam’s Tien Phong Bank (TPBank) stopping an attempted wire fraud involving the use of “fraudulent” Swift messages. The Ecuador attack has […]

Financial innovation in emerging markets

Earlier this month, the Ecuadorian Government announced its plans to introduce a digital currency, the first of its kind globally. In a country where 40% of citizens don’t have a bank account according to The Economist, this has the potential to transform banking and allow companies to gain access to those without a bank account for the first time