Cybersecurity
Swift to Start Suspicious-Payment Alerts to Help Defend Banks
- Service aimed for 2018 to help members flag possible fraud
- Initiative prompted by $81 million Bangladesh heist last year
Computer Hacking
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Swift, the interbank messaging system that hackers used to steal $81 million from Bangladesh last year, is developing a payment-screening service that will allow small member banks to automate the flagging of suspicious payments.
The new service is part of a series of measures from the Society for Worldwide Interbank Financial Telecommunication to defend against cyberattacks that aim to fraudulently use banks’ connections to the messaging system. It will place a “red flag” on payment messages that appear risky and spot anomalies, provide real-time alerts and allow customers to put a hold on unusual messages, the cooperative said in an emailed statement on Tuesday.