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.
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Eastnets ensures peace of mind by securing a safer future for everyone. A global provider of compliance and payment solutions for the financial services sector, our experience and expertise help ensure trust at 750 financial institutions across the world, including 11 of the top 50 banks. For more than 35 years, we have worked to keep the world safe and secure from financial crime. We do it by helping our partners manage risk through sanction screening, transaction monitoring, analysis, and reporting, plus state-of-the-art consultancy, and customer support.