(Bloomberg) -- U.K. banks are privately lobbying the Bank of England to pressure Swift into adopting new security measures that would make it more difficult for cyber criminals to target the global payments network, according to a person with direct knowledge of the discussions.
The banks want the Society for Worldwide Interbank Financial Telecommunication to install software that would detect unusual payment requests and require further validation, said the person, who declined to be identified because the meetings were private. The discussions are still at an early stage and any formal talks with Swift would be conducted by the central bank and possibly the British Bankers’ Association, the person said.
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