SWIFT bolsters fraud and cybercrime controls

SWIFT is adding a real-time payment controls service to complement and strengthen its customers’ existing fraud controls. The new fraud and cyber-crime prevention service will enable SWIFT customers to screen their payment messages according to their own chosen parameters, enabling them to detect any unusual message flows before transmission.

Customers can integrate the service directly into their SWIFT messaging flows, enhancing their ability to control their messaging activity, enabling the timely detection of unusual or uncharacteristic payment patterns, and improving their ability to prevent fraudulent transfer requests. They will also be able to define and control their screening parameters according to their own risk and compliance policies, and choose whether to set the review permissions for the alerts centrally, or at individual access points.

Initially targeted at smaller financial institutions and central banks, the service will be launched as a hosted utility solution, which will allow SWIFT users to access it instantly, with no hardware or software installation or maintenance. The service will develop a profile of each SWIFT user’s message traffic based on its specific business activities and the countries, counterparties and currencies it is typically involved with.

In a separate release, SWIFT that 46 new corporates in Asia Pacific joined the co-operative in 2016. This has helped increase the number of corporate groups on SWIFT globally to more than 1,700, of which 46% are Fortune 500 companies, while 66% are small capitalisation companies. In Asia Pacific, adoption has doubled as compared to two years ago, since the focus on the initiative was launched in the region, where 22 Asian corporates joined in 2014.

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