The service is a component of SWIFT’s Customer Security Programme (CSP), which helps its customers secure their own local environments and manage risk in counterparty relationships. The reports will aim to help strengthen existing fraud controls by implementing a simple and independent means of verifying messaging activity.
This measure comes after the company suffered a malicious attack in 2016 when hackers stolen over USD 80 million from the Central Bank of Bangladesh via a SWIFT network.
Furthermore, SWIFT has introduced a new working paper, which outlines how to effective mitigate fraud risk through strengthened payment operations. The paper also addresses a number of vulnerable gaps in knowledge and shortcomings in awareness currently seen across some elements of the industry.
SWIFT’s Daily Validation Reports constitute the group’s latest anti-fraud utility to help police its own global community, according to FinanceMagnates.
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