SWIFT's chairman calls the service "a direct response to our community’s request for additional services to complement and strengthen existing fraud controls."

Amid questions of its commitment to security, SWIFT seems to be realizing that it must start protecting its reputation along with its system.

Authorities thought they had a lead in the case of the $12 million that cyberthieves stole from a bank in Ecuador. But when they arrived to the Hong Kong site where $2 million of that bounty taken from Banco del ...