On June 7, the Federal Reserve and Federal Financial Institutions Examination Council issued a notice to banks instructing them to review cybersecurity protections against fraudulent money transfers. This warning followed a prior notice from the FBI and highlighted existing guidelines instructing banks to review their risk-management practices and controls over payment systems networks. The warnings follow recent hacking events, including fraudulent money transfers to steal $81 million from the Bangladesh Central Bank and $12 million from Banco del Austro in Ecuador.
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