Two-thirds of the banks surveyed said they had experienced an increasing number of cyber attacks since 2016 related to their SWIFT payments, and there is strong evidence that banks are not adequately preparing themselves to combat the threat. In addition to various high-profile incidents of bank theft using the SWIFT messaging network, an Eastnets’ survey conducted in July found that cybercriminals have targeted more than four-in-five banks since 2016. Banks indicated that the problem has been getting worse.
Common solutions, namely SWIFT’s Customer Security Program, are helping but banks must do more. Banks have various practices and tools at their disposal to harden their security posture. We discuss what these are and reveal the survey findings.
With fraud risks set to evolve and intensify further in the years to come, financial institutions must innovate and continuously invest in intelligent technologies to ensure they stay one step ahead of fraudsters.
Our fraud and compliance experts are ready to help build you a custom solution. Book a demo with our team today and start your journey to compliance bliss.
