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28 June 2017

Payments best practices, Daily Validation Reports, support customers’ fraud prevention programmes

New elements are part of SWIFT’s Customer Security Programme to protect its community

Combatting fraud is a challenge for the entire financial industry, as cyber-attacks grow in frequency and sophistication. SWIFT’s Customer Security Programme (CSP) helps its customers secure their own local environments, manage risk in counterparty relationships, and protect the entire community.

Robust fraud prevention programmes require the rapid identification of (potentially) fraudulent transactions so they can be investigated, and blocked if necessary. In particular, strong reconciliation and response processes play a vital role in detecting fraud perpetrated through back-office systems.

While many banks rigorously check message confirmations and statements, others may not realise that these practices are the cornerstone of payment operations and can help them avoid falling victim to fraud. Still others may not know how best to respond if suspicious or fraudulent transactions are identified.

A new SWIFT info paper – Mitigating fraud risk through strengthened payment operations – addresses such gaps in knowledge and awareness. The paper underscores the need to examine message confirmations and end-of-day statements and outlines best practices for checking settlement instructions and changing payment instructions. It also explains the correct way to format cancellation instructions when fraud is suspected, in order to increase the likelihood that transactions can be stopped successfully.

Download the paper to learn more.

Mitigating fraud risk through strengthened payment operations

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Last update: 
19 December 2016

New info paper explains how to protect your institution and your community

  • Compliance Info Papers
English

Daily Validation Reports

In addition to providing for the highest levels of security, and sharing best practices, SWIFT is introducing new anti-fraud tools to protect its community. One of these – Daily Validation Reports  – is specifically designed to help smaller institutions strengthen their existing fraud controls by providing a simple, rapid and independent means of verifying their messaging activity.

Daily Validation ReportsDaily Validation Reports overview - VideoDaily Validation Reports are provided on a daily basis for the previous day’s payments activities. Each day’s transaction value and volume totals are compared to the customer’s daily value and volume averages over the previous 24 months. This makes it easy to quickly identify and understand any significant changes in activity in order to take action, if necessary.

Daily Validation Reports are a subscription-based service. They are easy to sign up for, and easy to use.

Order them today , or contact your SWIFT account manager or the Daily Validation Reports team for more information.

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Daily Validation Reports

A simple, independent way to verify your SWIFT payments activity

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Customer Security Programme (CSP)

Reinforcing the security of the global banking system

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Group-level analysis of your institution’s correspondent banking traffic for financial crime risks. Pinpoints unusual behaviour and assists with AML, KYC and sanctions due diligence.

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