Detect unusual payment flows with Daily Validation Reports
Daily Validation Reports are an important new addition to SWIFT’s financial crime compliance portfolio and part of our Customer Security Programme to strengthen the global financial community’s defences against cyber-threats.
In recent wire fraud attacks, fraudulent messaging activity has been concealed on targeted banks’ local systems by deleting logs and manipulating data records – activity that can leave smaller financial institutions particularly vulnerable.
Daily Validation Reports help to mitigate the risk of lost records by providing daily activity and risk reporting of your previous day’s SWIFT transactions. Reports are delivered via a completely separate, secure online channel, direct to your compliance/operations teams for monitoring.
Activity reporting shows aggregated value and volume data for your institution’s in- and out-bound MT 103, MT 202, MT 202COV, MT 205 and MT 205COV messages, along with comparisons against your daily volume and value averages over the previous 24 months, allowing any significant change in activity to be quickly identified.
The Risk reporting feature highlights large or unusual single transactions and aggregated transactions by counterparty – and also flags new combinations of direct and indirect counterparties from transactions during that day.
Daily Validation Reports are an effective, easy-to-use support in the prevention, detection and response to cyber-attacks. And because they are a secure, web-based service hosted by SWIFT, you can get up and running very quickly and cost-effectively.
Spotlight on fraud prevention
Daily Validation Reports, payments best practices, support banks’ fraud prevention programmes
Complete, independent record of your institution’s payment activity
Daily Validation Reports show your inbound and outbound SWIFT message traffic and are provided directly to your payments, compliance and operations teams through a secure private channel.
Daily monitoring of payments activity combined with rapid risk detection
Reports highlight large transactions and flows, and new counterparty relationships. Average daily value and volume comparisons enable rapid response to fraud incidents.