Swift is introducing a new reporting system to help banks identify fraudulent payments made over its financial transfer network. From December, Swift will send banks a Daily Validation Report, highlighting large or unusual payments and new combinations of payment parties. Banks can then reconcile details of such payments with their own records of the transfers they intended to make. Criminals could have a whole day to empty the destination account and make off with the proceeds of the transfer. The report will be sent to banks via a different channel to the one used to make payments.”]