20 September 2016

SWIFT announces Daily Validation Reports to strengthen customer fraud controls

A new measure as part of SWIFT’s Customer Security Programme

SWIFT announces the introduction of Daily Validation Reports, a new tool designed to supplement customers’ existing fraud controls. Based on SWIFT’s records of customers’ transactions, the Daily Validation Reports will give customers an accurate summary of their transaction flows, affording them an independent means of verifying their transaction activity and detecting any unusual patterns, thereby enhancing their ability to identify possible fraud attempts and improving the likelihood they can cancel any fraudulent transfers.

The reports will be provided through a separate channel (in the restricted customer section of SWIFT’s website) to customers’ payments and compliance teams. This “out of band” access will ensure that independent departments at customer firms will be able to access independently sourced information through an independent channel, even if their own systems or operational staff have been compromised and their locally stored records have been obfuscated.

The Daily Validation Reports will include both Activity Reports and Risk Reports. The Activity Reports will enable institutions to see their aggregate daily activity across currencies, countries and counterparties – giving them a snapshot view of each day’s messaging activity against which to detect unusual patterns. The Risk Reports will provide customers with a focused review of large or unusual payment flows and new combinations of payment parties – allowing unusual senders, destinations and patterns to be more quickly and easily identified.

The Daily Validation Reports will be introduced in December 2016 complementing SWIFT’s Compliance services, a set of utilities designed to assist institutions in managing their Financial Crime Compliance risks.

A press release announcing the reports has been published today.

To register for forthcoming information and updates, please contact: csp.feedback@swift.com.

Daily Validation Reports

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Last update: 
25 September 2016

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