Swift to send daily report to help spot fraudulent bank transfers

London

THE Society for Worldwide Interbank Financial Telecommunication (Swift) inter-bank messaging network plans to send daily reports to clients to help them more quickly identify unauthorised payment instructions like those used by hackers to steal US$81 million from Bangladesh's central bank in February.

Trillions of dollars worth of inter-bank payments are made each day using Swift messages but the Bangladesh theft and others which have came to light this year have knocked confidence in the supposedly super-secure system.