U.S. banks should scrutinize security gaps exploited in SWIFT-related bank heists, experts say. The bank-to-bank messaging system maintained by SWIFT is designed to guarantee that money-moving messages between banks are authentic. In markets where real-time payments have been adopted, SWIFT facilitates those payments. The Federal Reserve is now accepting proposals for technologies and solutions that could be used to facilitate faster payments in the United States. The heists have exposed weaknesses in the authentication and transaction verification practices now in place for rapid transactions, says financial fraud expert Avivah Litan.”]
Source: https://www.cuinfosecurity.com/the-us-ready-for-faster-payments-a-9156