Finance organizations serious about protecting their customers need two-factor authentication, which involves the mobile phone when logging in to transfer money, writes Michael Patterson, CEO of Plixer.
The Society for Worldwide Interbank Financial Telecommunication plans to add instant payments messaging for the European market by late 2018, marking another step in its ongoing faster payments projects.
Calling it a first in international payments, the Society for Worldwide Interbank Financial Telecommunication [Swift] is providing a cross-border, real-time payments tracker for banks handling global transactions.
The global messaging network Swift and its fintech challenger, Ripple, have been vying for bankers’ hearts and minds for more than a year. Whoever prevails, their latest moves could bring needed change to how international banking is done.
Leaked documents appear to show NSA analysts were able to hack into Middle Eastern banks’ servers through the Swift service bureau EastNets. The same tools could conceivably be used by cybercriminals and nation-states with more sinister motives.