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Swift Financial Crime Prevention & AML Flashcards

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Read the first 6 Swift Financial Crime Prevention & AML flashcards as text

  1. What major cyber attack on the SWIFT network in 2016 demonstrated the risk of compromised SWIFT infrastructure?

    Answer: The Bangladesh Bank heist — attackers stole $81 million by sending fraudulent SWIFT MT103 messages

    Attackers compromised Bangladesh Bank's SWIFT terminal and sent fraudulent MT103 payment instructions, stealing $81 million before the fraud was detected.

  2. What is 'payment fraud' in the context of SWIFT Business Email Compromise (BEC)?

    Answer: Attackers impersonate executives via email to trick finance staff into making unauthorized SWIFT wire transfers

    BEC scams target employees with access to payment systems, using spoofed emails from executives or vendors to authorize fraudulent SWIFT transfers.

  3. Which type of transaction monitoring is most effective for detecting SWIFT payment fraud patterns?

    Answer: Behavioral analytics that establish baseline payment patterns and flag anomalies

    Behavioral analytics use machine learning to model normal payment behavior and alert on deviations such as unusual beneficiaries, amounts, or timing.

  4. What does 'typo squatting' in SWIFT payments refer to?

    Answer: Fraudsters using IBAN or account numbers with minor errors to divert payments to their accounts

    Typo squatting involves account numbers or IBANs with deliberate errors designed to redirect payments to fraudster-controlled accounts.

  5. What is the role of a SWIFT 'Payment Controls' service in fraud prevention?

    Answer: Real-time monitoring of SWIFT payment flows to detect and stop anomalous transactions before they are processed

    SWIFT Payment Controls provides real-time monitoring of institutions' outbound SWIFT messages, flagging unusual patterns before funds leave the bank.

  6. What is a 'mule account' in the context of SWIFT fraud?

    Answer: A bank account used to receive and quickly forward fraudulent SWIFT payments to obscure the money trail

    Mule accounts receive stolen funds from fraudulent SWIFT transfers and immediately move them onward, making it harder for banks to recover the money.

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