India: SWIFT Publishes Findings to Help Financial Institutions Improve Monitoring of Potential Fraudulent Transactions

On May 13, 2019, SWIFT published its findings on how financial institutions in India can improve monitoring anomalous transactions and listed key developments in the Customer Security Programme (CSP) in relation to wire fraud threats.

With the rise in cyber attacks/threats, such as stealing or misusing SWIFT operator credentials, the Reserve Bank of India (RBI) has introduced stricter controls to monitor SWIFT channel operations and imposed hefty fines on Indian financial institutions for non-compliance.

In its findings, SWIFT provides insights into how attackers are evolving, their patterns in fraudulent transactions, as well as how financial institutions can improve their monitoring of anomalous transactions.

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