To safeguard your financial institution against cyber-threats, our Daily Validation Reports offer a secure, comprehensive view of your Swift transactions. These reports help with data analysis and trend detection, so you can proactively counter potential cyber-attacks and ensure the integrity of your transaction records and system files.
Benefits
Activity Reporting shows your institution’s aggregated daily activity by message type, currency, country and counterparty and totals by volume and value. You also receive details of your single largest transactions.
Risk Reporting lets you compare large single and aggregated transactions with previous activity with your counterparties. Direct and indirect counterparty combinations and new relationships are identified for analysis.
Smaller institutions are particularly dependent on local systems, increasing vulnerability. Daily Validation Reports offer a cost-effective, easy-to-use defence. The secure, web-based service is hosted by Swift, so you can be up and running fast.
Learn more about Daily Validation Reports
Talk to one of our Account Managers
Frequently Asked Qusetions
One element of recent insider fraud attacks involves attackers hiding the evidence of fraudulent wire payments they’ve sent. In these incidents, fraudsters delete logs, manipulate transaction records, system files and database records, and in some cases, crash or leave environments in an unrecoverable state. Our smaller customers are dependent on the accuracy of the data on their own systems. In the event of a security breach, local environments can no longer be trusted to present a true record of transaction activity. Daily Validation Reports provides a view of Swift’s record of a customers’ activity that can be used to independently verify, in aggregate form, payment messages that have been sent or received.
Daily Validation Reports are available daily and leverage the underlying BI platform used by Watch and Compliance Analytics tools. Customers log in through www.swift.com. The reports provide aggregate reporting of transaction activity to allow review of inbound and outbound payments by currency, country and counterparty bank.
The reports allow the customer to see the originator, sender, receiver and beneficiary counterparty banks and the aggregate transaction activity by value, volume, currency and message type, with values normalised to a user-selected base currency.
Message type filters allow quick access to data. Within each report, you can see daily payment value and volume averages (calculated over a 24-month period), along with a percentage change indicator, allowing rapid identification of significant variations in payment patterns. You can export report information to Excel or similar tools.
Daily Validation Reports are designed primarily for smaller institutions that might lack the most sophisticated tools to respond robustly to fraud threats, or react in the event of fraudulent activity. They will be most useful for institutions with smaller transaction volumes, since they require manual review processes.
Larger institutions will typically have more comprehensive cyber defences and fraud prevention controls, as well as their own backup reporting systems. Their large transaction volumes mean that a manual review process using Daily Validation Reports might be less suitable but useful for smaller branches of larger institutions.
Daily Validation Reports are a secondary control to verify and understand payment activity. Payment operations, compliance and fraud prevention teams will benefit from the reports.
This is a service available to customers who specifically subscribe to it. Order daily validation reports today.
The license includes five users. Further blocks of 10 users can be purchased separately.
Very little. The reports are designed to be quick and easy to use and there’s minimal customer configuration. Following receipt of an e-order, we’ll grant access and access roles must then be allocated by the customer. We provide training materials and user guides.
No other vendor can provide access to Swift’s record of transaction activity.
One alternative to Daily Validation Reports is to use FIN Inform/FIN Copy to deliver copies of messages to a separate interface to create a separate database to generate similar reports. Some larger customers already do this.
Other alternatives include using commercially available fraud detection and prevention tools. However, in the event of cyber compromise these tools could be bypassed by a fraudster.
Contact your Swift account manager for details on pricing.
We’ve designed the service in full compliance with our policies and under Swift Board governance. We have strong safeguards in place, and access to data is fully in line with other Swift data analytics services, such as Business Intelligence and Compliance Analytics.
No, absolutely not. Customers are fully responsible for validating that their payments activity is correct.
No, Daily Validation Reports are an additional control that customers can use, depending on their environment and as a way to supplement other controls they may have in place. A subscription to Daily Validation Reports does not remove other obligations. Customers must still meet security guidelines defined as part of the Customer Security Programme and also must report attempted and actual cyber fraud events to Swift.