The Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) transactions.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a bank code and member-owned cooperative essential for sending international or cross-border payments as it provides transaction security. This makes it a vital part of the financial side of global businesses.
It is however pertinent to note that the SWIFT network is a messaging infrastructure, not a payment system. The network doesn’t actually transfer the money – it communicates transaction orders between institutions using SWIFT codes.
