Sibos 2018: SWIFT unveils Payments Controls to combat fraudulent payments

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Financial messaging service provider Swift has launched Payment Controls, an intelligent new in-network solution to combat fraudulent payments and to help strengthen its customers’ existing security.

The new anti-fraud service which allows real-time monitoring, alerting and blocking, is part of the  Swift’s Customer Security Programme (CSP), launched in 2016 to increase security and trust across the global financial community.

Luc Meurant, Chief Marketing Officer at SWIFT, says: “The growing threat of cyberattacks has never been more pressing, and banks need to be able to verify the integrity of payments in real time. Payment Controls demonstrates our commitment to playing our part in protecting the security of the wider financial services industry. I am confident that the new service will be an important weapon in the fight against fraud.”

Aiming to help payment operations teams mitigate fraud risk through its alerting and reporting capabilities, Payment Controls can flag, hold, release or reject high-risk or uncharacteristic payments, adjustable to the business’ needs.

“Putting the right security tools in place is vital for any bank in mitigating payment fraud risk”, says Mark McNulty, Global Clearing and FI payments Head, at Citi, “The launch of SWIFT’s Payment Controls service is a very welcome step towards reinforcing and safeguarding the security of our ecosystem.”

Patricio Melo, Executive Vice President of Technology and Operations at Banco Davivienda, adds: “For Davivienda it is a privilege to work with SWIFT, especially at this pivotal moment in the financial industry, in which banks should be working towards strengthening their payment processing systems and reducing the threat of fraud.”

 

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