Reducing Payment Fraud with SWIFT Customer Security Controls Framework
summary
SWIFT launches a Customer Security Program after the 2016 Bangladesh heist and requires annual attestation, independent assurance and supervisory follow-up; adoption rises from about 77% in 2017 to 97% compliance per control by January 2021 across 13,000 customers in 220 countries, covering 27 controls (advisory moved to mandatory), and correlates with a measurable drop in funds extracted (fraudulent payments typically range $250k–$20M); member attestations, ISAC sharing and counterparty querying are the operational tools.
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chapters (15)
- 0:00Introduction
- 3:32What is SWIFT
- 7:38SWIFT Customer Security Program
- 17:41Challenges
- 24:40Changing the Landscape
- 26:00Access to Information
- 28:03Information Sharing
- 29:25ThirdParty Security Risk
- 30:28Lessons Learned
- 33:42How do we ensure
- 34:22Regulatory
- 35:22How should the CSP evolve
- 35:54Bringing frameworks together
- 37:33Alignment is critical
- 38:51Conclusion
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