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EastNets survey suggests over 4 in 5 banks have been targeted by cybercriminals on the SWIFT network

EastNets has released a survey report - 'How Banks are Combating the Rise in SWIFT Cyber Fraud' - which states that most of the 200 banks surveyed have experienced an electronic fraud attempt on the SWIFT network since 2016.

Two-thirds of banks responded that cybercrime attempts over the network have been increasing since 2016. Only two-fifths of banks are 'very confident' that they have detected every attempt at cyber fraud since 2016.

A significant portion of the banks responding to the survey cited that they have no prevention policies to address this type of cyber fraud. EastNets says it also identified a substantial insider risk, with one out of seven banks experiencing a fraud attempt involving an employee.

Furthermore, the research found that banks are facing a challenge in that the internal departments affected by payments messaging fraud often do not collaborate to prevent fraud. Only 20% of banks said that internal departments collaborate 'very strongly' to prevent it.

The results highlighted a clear difference between what EastNets describes as 'leaders' and 'laggards'. Leaders exhibited the use of more sophisticated software approaches to prevent fraud - ranging from behavioural analytics through to attack simulations.

Secondary research from EastNets found ongoing reports of successful payment fraud over the SWIFT network since 2016, with the survey quoting a figure of US$380m in combined losses. It also found that while 60% of banks in the US have been targeted in this way, all of the banks it surveyed in Asia Pacific were targeted.

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This item appears in the following sections:
Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud
SWIFT Corporate Connectivity
Asia
North America

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