Business standard : The fraud at Punjab National BankBSE -1.58 % (PNBBSE -1.58 %) is reported by the lender to have been committed by a deputy manager who sent unauthorised messages through the SWIFTBSE 1.04 % messaging system. In an interview with TOI, SWIFT India CEO Kiran Shetty explains how weakness in an institution’s local environment can be used by fraudsters. Recent incidents have taken place because lenders have ignored SWIFT requirements of a controlled framework securing the bank’s end-to-end transaction ecosystem, including payments, securities, trade and treasury. From next year therefore, SWIFT has said that it reserves the right to report to the supervisor banks that do not confirm full compliance. What is SWIFT and who are its users ? SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium. It was founded in 1973 by a group of 239 banks from 15 countries who formed a cooperative utility to develop a secure electronic me...