Fraud, a regular feature on our news channels, is gaining in velocity and sophistication, occurring in corporate and banking environments of varying sizes and having a significant impact both financially and on business reputations. The subsequent response from the business community has been varied but now the net is closing in. Organisations, institutions and regulators are galvanising the industry to face up to the very real fraud threat that exists today with technology providers leading the way with investment in security and detection solutions to build the financial fortress.

Amongst the high profile incidents, experienced hackers targeted SWIFT customers to create fraudulent transactions prior to submission into the SWIFT network. The SWIFT interface used by financial institutions was compromised and attackers exploited vulnerabilities in banks’ funds transfer initiation environments prior to messages being sent over the SWIFT network.

In response SWIFT has issued a set of security standards that will facilitate a more secure financial ecosystem. Known as the SWIFT Customer Security Programme, or CSP, SWIFT has established a set of mandatory and advisory controls which will act as a security foundation for the entire SWIFT community. 

Download your copy and discover how Bottomline’s Secure Payments for SWIFT solution can protect your business.

 

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