Unidentified cybercriminals have reportedly hacked into the SWIFT system of NIC Asia Bank to steal money, exposing vulnerability in the information technology system of Nepali banks.

Unidentified cybercriminals have reportedly hacked into the SWIFT system of NIC Asia Bank to steal money, exposing vulnerability in the information technology system of Nepali banks.

The Nepal Rastra Bank (NRB), the central bank, has confirmed the reported cyber theft which took place during the Tihar vacation, when all the banks and the central monetary authority remained closed.

“We, however, have not been able to confirm the amount of money that has been illegally transferred through multiple small transactions via SWIFT,” NRB Deputy Spokesperson Rajendra Pandit said. 

SWIFT is a system that banks and financial institutions globally use to transfer money. It is said over 90 percent of fund transfers in the world take place through SWIFT.