SWIFT Implementing a Daily Report Tracking Service to Strengthen Security

SWIFT's latest initiative will see the deployment of an anti-fraud utility to help police its network of users.

SWIFT, a global provider of financial messaging services, continues to strengthen its resolve against cyber-attacks, culminating in the rollout of its Daily Validation Reports to help serve as a countermeasure to fraudulent risks.

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The deployment of its Daily Validation Reports is a component of SWIFT’s Customer Security Programme (CSP), which helps its customers secure their own local environments, manage risk in counterparty relationships, and foster a more secure framework community-wide.

SWIFT has been upping its game and defense against cyber attacks since last year’s attempted $1 billion heist, which saw hackers make off with over $80 million from the Central Bank of Bangladesh via a SWIFT network. The attack served as a wakeup call for many, prompting many venues and organizations to rethink and upgrade their risk management and cyber defenses in the wake of new threats.

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These concerns were echoed last year from SWIFT’s Chief Executive for the Americas and UK, Javier Perez-Tasso, who warned that the entire industry itself faces a potentially defining moment in the fight for cybersecurity.

Consequently, SWIFT has introduced a new working paper, which outlines how to effectively mitigate fraud risk through strengthened payment operations. Moreover, the paper also addresses a number of vulnerable gaps in knowledge and shortcomings in awareness currently seen across some elements of the industry.

Furthermore, SWIFT’s Daily Validation Reports constitute the group’s latest anti-fraud utility to help police its own global community. The reports aim to help strengthen existing fraud controls by implementing a simple and independent means of verifying messaging activity.

The reports will be provided on a daily basis for the previous day’s payments activities. This will include a synopsis of a transaction value and volume totals are compared to the customer’s daily value and volume averages over the previous 24 months.

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