American intelligent organization, NSA accused of spying on bank transactions
Tuesday, 17 September 2013
The Americans intelligent organisation, NSA has been accused of spying
on banking transaction in which Swedish and Scandinavian people and
their business payments and money transfers might have been affected.
According a report, citing new leaks from Edward Snowden, NSA is said
to have been spying on transactions made via Visa's and Swift's
networks. That has raise fears that its could have led the USA to
collect information from competitors and used it to build itself a
competitive advantage in the financial market.
The report holds that NSA has for many years overseen operations that
have moved within and through the VISA and SWIFT networks, writes the
Germans news paper Der Spiegel which is one of the media houses that
got in contact with the so called whistle-blower, Edward Snowden.
VISA network is very popular in Sweden and most of the Nordic countries
and bank transfers here have traditionally been very advanced and could
be traced back to many years. It is thus safe to believe that this
payment approach through their debit cards and Swift transfers via the
banks, use to transfer money internationally could have been examined
and such data collected by the NSA.
Monitoring of Visa payments and SWIFT network must have been performed
by a department within NSA called FTM ("Follow The Money"). According
to Der Spiegel, they then store the information in a database at NSA
Reconnaissance of the network is said to have focused primarily on
Europe, Africa, and the Middle East, something described as "Smells of
Now it is being held that German, Russian or Chinese bank unknowingly
have been passing this information to American competitors through the
NSA data snoop.
Last week it emerged that the NSA possibly engaged in corporate
espionage when they spied on the Brazilian oil company Petrobras. This
is said to have forced the Brazilian President to propose
legislation that will force all IT companies to store all data locally
within the country's borders.
This latest information does not contradict previous revelations about
the SWIFT network. Back in 2006, New York Times revealed that the
United States has an active program to access transactions that go
through SWIFT, in its so-called "Terrorist Finance Tracking
EU Commissioner, Cecilia Malmström is highly aware of the problem and
threatened as recently as last week to terminate the agreement giving
U.S. authorities access to the SWIFT network.
According to reports the UK's intelligence agency, GCHQ, admitted
cooperation with the NSA to spy on the world finance system. In its
report, concerning the legal perspectives on "financial data", it said
that the collection, storage and sharing of politically sensitive data
was a deep invasion of privacy and involved "bulk data" full of "rich
personal information," much of which "is not about our targets."
by Scancomark.com Team
Did you spot any error(s) or had any problem with the above article. Please contact us