Swift Eyes New Technology to Spot Cyber Theft

The Swift secure messaging service, which banks use to transfer money around the world, outlined on Friday areas in which it hopes to improve security, following attacks in which hackers stole millions of dollars from banks in Bangladesh and Ecuador.

Swift said on Friday it would consult its users, which are also its owners, about new measures, including the potential to develop new tools that could allow it to spot fraudulent payment instructions.

Historically, the Society for Worldwide Interbank Financial Telecommunication's (Swift) core business has focussed on simply passing authenticated messages between banks.

http://gadgets.ndtv.com/internet/news/swift-eyes-new-technology-to-spot-cyber-theft-842516

 

Something has to be done about fraudulent bank charges, and I am glad they are taking measurement to make it safer.

Both, my son and I, were victims of bank fraud where somehow, someone got a hold of our bank cards and went on a shopping spree in ANOTHER STATE for that matter! It was such a nightmare to deal with to resolve this. The best thing was that our bank froze our accounts after their third charged as the activities were questionable.