Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Swift rolls out new tool to identify fraudulent inter-bank messages

Interbank messaging network Swift has launched a new tool to identify fraudulent inter-bank messages.

The new real-time payment controls service is aimed at allowing its clients to screen their payment messages based on the parameters given by them.

As a result, its clients will be able to immediately detect any unusual message flows before transaction happens.

The Society for Worldwide Interbank Financial Telecommunication (Swift) chairman Yawar Shah said: “The new payment controls service is a direct response to our community’s request for additional services to complement and strengthen existing fraud controls.”

The new service will help in preventing fraud by ‘red flagging’ out-of-policy payment messages.

Besides, it will spot anomalies and generate real-time alerts.

Initially, the service will be made available to smaller financial institutions and central banks.

Based on specific business activities and the countries, counterparties and currencies, it will develop a profile of each Swift user’s message traffic.

Swift financial crime compliance services head Luc Meurant said: “Our new payment controls service is an important step in delivering a full suite of hosted offerings that address our customers’ needs in the fraud and cyber-crime prevention areas, as well as in the sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance domains.”

The new service is part of Swift’s efforts to strengthen its customers’ existing fraud controls, following the last year’s high-profile cyber attacks on many bank sites across the world.

Using Swift messages, hackers had stolen a whopping $81m from the Bangladesh central bank in 2016.


Image: The new service will spot anomalies and generate real-time alerts. Photo courtesy of freedooom/ FreeDigitalPhotos.net.