In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to prevent fraudulent transfers in real time.

SWIFT reported that the new tools integrate into the SWIFT system directly without the need for new hardware or software and allow financial institutions to screen SWIFT message flows according to a set of pre-defined parameters. Suspicious money transfer requests would be immediately flagged and can be reviewed by a financial institution before processing.
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