Vulnerable: SWIFT
LONDON: Interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, will launch a new tool to spot fraudulent messages, seeking to restore trust in the system after millions of dollars were stolen in cyber raids.
Belgium-based SWIFT said on April 12 that it will offer clients a service that will be able to learn a user bank's messaging patterns so that it can spot if a payment is being made to an unusual counterparty or for an unusual amount.
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