Highlights and Updates

SWIFT's New Fraud Prevention Tool

Friday, 21st April 2017

International banking messaging service SWIFT is introducing an anti-fraud payment controls service that lets users "screen their payment messages based on their chosen parameters... to detect any unusual message flows." 

The service will also provide real-time alerts about messages that appear suspicious. 

The tool is part of the Customer Security Programme SWIFT implemented following the USD 81 million theft from the Bangladesh Bank's account at the Federal Reserve Bank of New York. 

Read more in:

The Register: SWIFT on security: Fresh anti-bank-fraud defenses now live http://www.theregister.co.uk/2017/04/13/swift_antifraud_payments_service/

The Hill: Interbank messaging service SWIFT launches new tool to prevent fraud http://thehill.com/policy/cybersecurity/328504-interbank-messaging-service-swift-launches-new-tool-to-prevent-fraud

SWIFT: SWIFT launches new anti-fraud payment control service for customers https://www.swift.com/news-events/news/swift-launches-new-anti-fraud-payment-control-service-for-customers