The scourge of financial crime is increasing. It’s being driven by organised crime rings, fuelled with billions of compromised data records, who are systematically and methodically targeting financial services firms with sophisticated application fraud attacks that use stolen or falsified identities in an effort to obtain new accounts.
SWIFT has a long history of enabling financial institutions to communicate with each other reliably and securely; thousands of banks use the SWIFT network for interbank messaging. Faced with the twin threats of intensifying cybercrime and growing compliance requirements, banks are scrambling to be secure and compliant while also profitable. SWIFT has developed robust financial-crime solutions that assist its members to comply with the gamut of regulations—from AML to KYC—profitably.
The “club” of companies or banks that haven’t had their data raided by hackers is becoming more and more exclusive, as more and more hackers breach databases that give them access to credit cards, transactions, customer history – anything and everything they can make a quick buck off of.
As convenient as it is to conduct financial business over cyberspace, the increased risks from cyber-fraud cannot be ignored by financial institutions or their customers. Costly in terms of both money and reputation, financial institutions owe it to themselves to use all countermeasures at their disposal, including data analytics, to fight this growing threat.