SWIFT eyes new technology to spot cyber theft

By Tom Bergin LONDON (Reuters) – 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 focused on simply passing authenticated messages between banks.

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