Cyber Fraud in the Digital Age Treasury and Trade Solutions June 20, 2017 Mark McNulty Global Head of FI Payments and Clearing Justin Deck Senior Cyber Intelligence Advisor Nathan Chapell Cyber Strategic Intelligence Analyst Rajesh Shenoy Global Head of Digital Security
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Cyber Fraud in the Digital Age - Citibank · PDF fileCyber Fraud in the Digital Age Treasury and Trade Solutions June 20, 2017 ... − Prepare for Swift Alliance Access 7.2 − Implement
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Cyber Fraud in the Digital Age
Treasury and Trade Solutions
June 20, 2017
Mark McNulty
Global Head of FI Payments and Clearing Justin Deck
can play a role by spanning across the entire flow
Response
Standards and tools adopted across the industry
can facilitate response to transactions flagged as
suspicious
Challenges Industry Collaboration
Industry Initiatives
Industry initiatives are already being launched:
SWIFT as part of its “Customer Security Program”
The Clearing House is launching a working group
You
Your
Counterparts
Your
Community
− Secure your local environment
− Prepare for Swift Alliance Access
7.2
− Implement Customer Security
Controls Framework
− Complete self attestation by
end 2017
− ‘Clean-up’ your RMA relationships
− Put in place fraud detection
measures
− Engage with us on market practice
− Inform SWIFT if you suspect that you have
been compromised
− Provide contact details of your company’s
CISO for incident escalation
− Sign up to our Security Notification
Service
Customer Security Programme
Launched in 2016 the SWIFT Customer
Security Programme supports customers
in reinforcing the security of their SWIFT-
related infrastructure.
SWIFT customers remain responsible for
the security of their own environment.
SWIFT Customer Security Programme (CSP) | Your Actions
SWIFT CSP | You – Secure and Protect
SWIFT Customer Security Programme - May 2017
Customer Security Controls Framework
Secure
Your
Environm
ent
1. Restrict Internet access
2. Segregate critical systems from
general IT environment
3. Reduce attack surface and
vulnerabilities
4. Physically secure the environment
Know and
Limit
Access
5. Prevent compromise of credentials
6. Manage identities and segregate
privileges
Detect
and
Respond
7. Detect anomalous activity to system
or transaction records
8. Plan for incident response and
information sharing − Applicable to all customers and to the whole
end-to-end transaction chain beyond the SWIFT
local infrastructure
− Mapped against recognised international
standards – NIST, PCI-DSS and ISO 27002
− 16 controls are mandatory, 11 are advisory
− Self attestation submitted by end 2017
SWIFT CSP | Your Counterparts – Prevent and Detect
SWIFT Customer Security Programme - May 2017
Daily Validation Reports -
available now
Payment Controls – coming in
2018
SWIFT CSP | Your Community – Share and Prepare
SWIFT Customer Security Programme - May 2017
Register your CISO
and sign-up to
Security
Notifications
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Quick Tips
Controlled Payments Environment: Securing the infrastructure of any payments system is a
critical control, for example at the machine level (controls such as anti-virus software, limiting
USB port access) and the network it is connected to (controls such as proper firewalls,
intrusion detection).
Application Updates: Software, including applications responsible for connectivity to SWIFT
and other payments systems and channels, should always incorporate all required upgrades
and patches, installed in a timely manner.
Third Party Management: Security controls should extend outside of your organization as
well as to the broader ecosystem of vendors, partners, and other third parties.
Multi-Factor Authentication: Any system that can be used to initiate or amend a payment
transaction should be subject to a maker/checker process, and a multi-factor
authentication process. Multi-factor authentication is a practice of requiring two or more
authentication steps in order to access a system. For example, requiring not only a user
password but also an additional authentication mechanism in order to access a system
(mechanisms like: one time password token, SafeWord card, biometrics).
Timely Reconciliation: Timely reconciliation processes can help quickly identify potential
fraudulent payments, which can assist in the attempted recovery of funds issued.
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Action Steps for Fraudulent Activity
Send an urgent MT199 with relevant payment details.
Immediately follow-up with a phone call or email to your Citi contact — relationship
manager, CitiService contact, or account manager * Provide further details on fraudulent attack (i.e., unique payment, multiple transactions, attack within your
infrastructure or on your client’s side, etc.)
Maintain contact with Citi to receive and provide frequent updates
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Citi’s Fraud Awareness Toolkit
Main Page: http://www.citi.com/treasuryandtradesolutions/fraudpreventionresources
The Fraud Risk Managers Toolkit provides best practices to tackle fraud risks, encapsulating both Social Engineering and Digital
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