SWIFT Creating 'Daily Validation Reports'
SWIFT Creating 'Daily Validation Reports'

SWIFT Creating 'Daily Validation Reports'

SWIFT Creating 'Daily Validation Reports'

The SWIFT inter-bank messaging network plans to send daily reports to clients to help them more quickly identify unauthorized payment instructions like those used by hackers to steal $81 million from Bangladesh’s central bank in February.
Trillions of dollars worth of inter-bank payments are made each day using SWIFT messages but the Bangladesh theft and others which came to light this year have knocked confidence in the supposedly super-secure system, Reuters reported.
SWIFT said in a statement on Tuesday that from December it would begin sending 'Daily Validation Reports' to clients.
These would list the messages sent from the client's SWIFT terminal, thus allowing a bank to spot any payment instructions that it had not intended to send.
The report will also contain a risk report aimed at showing whether transfer instructions deviated from the client's typical payment patterns.
In the Bangladesh heist and a $12 million theft from a Colombian bank last year, hackers covered their tracks by deleting records of fraudulent SWIFT messages they sent from the banks' terminals.
In both cases, it took days for the thefts to be discovered.
The new reports will be sent to customers’ payments and compliance teams through a separate channel to the normal SWIFT terminal, so that even if hackers have gained access to the terminal, the reports will get through.
Some former SWIFT staff and clients say the Belgium-based organization, a cooperative controlled by the biggest global banks, have been slow to react to growing security risks in recent years.
However, in June the cooperative launched a new 'Customer Security Program' and is in the process of developing new measures to help clients, particularly smaller banks, ensure they are not victims of hacking.


Short URL : https://goo.gl/aCxmLB
  1. https://goo.gl/04cuHC
  • https://goo.gl/dIyjWV
  • https://goo.gl/g6leKg
  • https://goo.gl/COQMAa
  • https://goo.gl/pMgpLc

You can also read ...

 An overwhelming 86% of Germans believe their economy is doing well, up from 75% last year.
Conditions for investors around the world are getting worse....
South Korea’s jobless rate has risen steadily in recent years.
South Korea’s unemployment rate has risen steadily in the past...
Greece Remains Under Supervision
Greece will remain under supervision after it exits its...
Britons have been borrowing heavily through personal loans and credit cards over the last 18 months.
Consumer borrowing grew at almost 10% in August, official...
Tax Reform  Can Boost  US Economy
The American electorate is more than ready for Washington...
China Rust Belt Opens Doors
Trucks carrying hi-tech car components rumble in and out the...
Pak GDP Growth Predicted at 10% Over 10 Years
Researchers from Harvard University’s center for international...
Jordan Economy Continues to Grow
While the public sector continues to play a prominent role in...