Sibos 2018: Swift fights fraud with Payments Controls solution
Swift has unveiled Payment Controls, a new in-network solution to combat fraudulent payments.
This move is part of Swift’s Customer Security Programme (CSP), a community initiative launched in 2016 aimed at increasing security and trust across the financial community around the world.
“The growing threat of cyberattacks has never been more pressing”
Luc Meurant, CMO at Swift, says: “The growing threat of cyberattacks has never been more pressing, and banks need to be able to verify the integrity of payments in real time.”
Payment Controls aims to help payment operations teams mitigate fraud risk through its alerting and reporting capabilities. The service may flag, hold, release or reject high-risk or uncharacteristic payments, adjustable to the business’ needs.
The service, hosted in the Swift cloud, will initially cater for smaller financial institutions, and requires no hardware or software installation or maintenance.
“Putting the right security tools in place is vital for any bank in mitigating payment fraud risk,” comments Mark McNulty, global clearing and FI payments head, at Citi, one of Swift’s clients. “For banks, it screens transactions in-flight and flags, holds or rejects transactions based on risk policies – ultimately protecting their operations, fighting cybercrime and making the community safer for everyone.”
The firm says this new service will bolster its own global payments innovation (gpi), its new standard in cross-border payments.
As part of gpi, and to further strengthen customer defences, Swift will introduce a new ‘stop and recall’ capability that will enable banks to immediately stop and recall a payment anywhere in the chain.
The new feature will provide another barrier against fraud – mitigating business disruption and financial losses in the face of rising threats.
Here’s a round-up of what Swift has been up to in the past year. This story is no coincidence, and was announced due to Swift’s flagship conference, Sibos, taking place this year in Sydney.
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