What are the consequences of the suspension of Russian banks from the SWIFT system?

The SWIFT bank code network and monetary system is a networked set of banking information transfers organized worldwide. It is, in fact, the most widely used network, and suspending Russia from it surely has several consequences for scams. Through the role of SWIFT and its troubles, we will show you the justification for the suspension.

What is SWIFT and its prerogatives?

As an identity, SWIFT is an acronym and a Belgian company born since 1973, implying that it is already well-established in the system. It deals with financial information and centralizes it, as indicated by its English name. Indeed, its fundamental role is to secure and centralize transfer orders. It does this among users of all partner banks worldwide.

Its role has the advantage of facilitating transactions that deserve to be recorded and especially large transactions that require a mass of information. This utility allows the system to gain the trust of 11,000 banks or financial complexes. These are distributed in 200 countries and emit more than 10.5 billion pieces of data in 2021.

The troubles of the SWIFT system

Even though the organization remains one of the most powerful in the banking world, it is not exempt from certain intrusions. Through newspapers, journals, and interviews, some leaders have admitted to being the target of several information leaks. In a field where information is paramount, especially as it leads to financial data, its leakage remains a cataclysm.

Indeed, it was noticed that hackers remain a threat to this system, and their intrusions use a clever and sophisticated way to steal data from partner banks. These threats manifest themselves through several intrusions, the number of which is not disclosed but remains significant. According to official sources, one in five attacks is successful, leading to a diversion of funds.

The suspension of the Russian bank SWIFT code and scams

In this period of international turmoil and threats, Russia was suspended from several organizations, both sports and economic, especially from the SWIFT system. In numbers, this is a total of 300 banking companies removed from the 11,000 in the system. This would have no consequences if the 300 did not have weight in terms of transactions. But just like the 300 of Themistocles, these Russian companies carry weight.

Nevertheless, this decision can be salutary in this period, as it aims to put an end to the leaks of personal data. For a country like Russia, which has become quite bellicose in terms of interference and control by the West, this measure blocks the door to a possible migration of data to it.

Thus, Westerners, or precisely the other 10,700 banking institutions, will no longer fear seeing their funds disappear into a country where they are sure not to see their money return. In this crisis no less important than the Russo-Ukrainian conflict, scammers will no longer have hidden destinations. Their wrongdoing will remain in countries that are members of organizations combating fraud, providing a possibility of fund recovery.

The scam system takes a hit

Just as reported in several of our articles on the blackmail of Russian scammers hidden behind profiles of Russian women, these networks take a big hit since fund transfers to Russia are completely halted. Victims can no longer send money to banks in this country, and as a result, there is relief from this scam system that has drawn hundreds of thousands of Euros from the pockets of victims found under the threat of such wrongdoers.