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Be sure of a complete and accurate view of your transactions over Swift
In recent wire fraud attacks, fraudulent messaging activity has been concealed by deleting logs and manipulating data records on targeted banks’ local systems.
Daily Validation Reports help to mitigate the risk of lost records by providing daily activity and risk reporting of your previous day’s inbound and outbound Swift transactions.
Reports are delivered via a completely separate online channel, direct to your compliance or operations team for monitoring.
Validate and understand your institution’s daily payment flows
The activity and risk reporting features mean you can efficiently validate daily activity reported internally, assess any uncharacteristic transactions and review and investigate potentially risky flows.
Activity Reporting shows aggregated daily activity across your operations, while Risk Reporting focuses in on payment risks by highlighting large or unusual message flows and changing counterparty activity.
Daily Validation Reports overview
A valuable control for smaller institutions
Smaller financial institutions may be particularly dependent on data stored in local systems, making them vulnerable if they experience a cyber-attack. Daily Validation Reports offer a valuable secondary control against potential fraud. The web-based service is quick to set-up and easy and cost-effective to use.
Features
A global summary of your institution’s inbound and outbound payments over Swift for the previous day, delivered via a separate, secure channel. It’s a simple and effective way to verify your daily messaging activity and reduce the risks of fraud.
Daily Validation Reports aggregate information for MT 103, MT 202, MT 202COV, MT 205 and MT 205COV message types for the previous day. The reports focus on two key areas for effective monitoring of your payments activity:
Activity reporting
In this report, daily value and volume totals are compared to your institution’s averages over the previous 24 months, and the largest transactions are also highlighted for analysis.
You can select, review and sort by message type, currency, country and counterparty to really understand your payment flows and identify significant changes quickly. Results can be exported to Excel.
Risk Reporting
The risk report helps you identify unusual message flows that may indicate a fraud risk. It highlights the largest single and aggregated transaction flows with your counterparties and compares them to previous average daily value and volume totals.
It also identifies new direct and indirect counterparty combinations for the day reported, so you can investigate further.
Simple to set up and use
Daily Validation Reports is a web-based service hosted by Swift, so it is simple to set up and use and you have the reassurance of Swift’s strong security measures.
There’s no software or hardware to install and minimal set up and training is required, making it particularly suitable for smaller institutions. Easy-to-use filters allow you to tune the reports to your needs and risk strategy.
Subscribe today and start protecting your business.
Customer-driven compliance solutions
Daily Validation Reports is part of the Compliance Analytics family of products. Compliance Analytics provides advanced data visualisation to aid analysis and investigations of your institution’s Swift flows.
More compliance services from Swift
Useful resources
Factsheet
Webinar: Strengthening your fraud and cyber-crime protection controls
Videos and webinars
Daily Validation Reports user case - Video
Strengthening your fraud and cyber-crime protection controls - Presentation
Compliance webinar presentation - March 2017
Related content
Payments best practices, Daily Validation Reports, support customers’ fraud prevention programmes
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