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.
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.
