Swift hopes daily reporting will help stem payment fraud

Swift is introducing a new reporting system to help banks identify fraudulent payments made over its financial transfer network — but the reports will arrive up to a day too late to stop them.

Over the last year, cybercriminals have hacked systems at a number of banks, using their credentials to issue fraudulent payment instructions over the Swift network. Swift’s network wasn’t comprimised, but because genuine credentials were used on authorized bank terminals, no alarms were raised until some time after the transfers were made, leaving victims struggling to recover their funds from the destination accounts.

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