In an effort to improve security, the global interbank messaging system said it would begin discussions with its users about new measures and tools that will assist the detection of fraudulent payment instructions, Reutersreported late last week.
The Belgium-based Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, said it may also make security practices that are optional in its system — such as two-factor authentication of payment instructions — a requirement for all customers.
Though the co-operative has kept a sole focus on passing authenticated messages between banks for some time, in the wake of recent cybersecurity threats and breaches, it may soon expand its role.
According to Reuters, SWIFT may soon start looking directly into the messages it facilitates to confirm that payment instructions are both accurate and consistent. This may help to quickly identify any anomalies or red flags in a customer’s account patterns.
SWIFT CEO Gottfried Leibbrandt recently confirmed the messaging service will introduce a new five-point security plan. During a financial services conference in Brussels, Leibbrandt also noted that the Bangladesh Bank heist was a “watershed event for the banking industry.” For the full article click here
from cyber security caucus http://ift.tt/1ZadfLz
via IFTTT
No comments:
Post a Comment