25 July 2017
Download the paper now.

EastNets adopts AI to monitor Swift traffic for fraudulent messages

14 June 2017  |  8536 views  |  0 cyber attack

Payments processor EastNets is to apply machine learning technology to detect fraudulent payments transactions passing over the Swift network.

The new AI-based tool, en.SWPG continuously adapts its predictive models based on historical transactions. These patterns form the basis upon which future transactions are evaluated and classified.

The technology, which will be released to all client globally next month, constantly optimises the accuracy of its models, says the vendor, sorting out genuine transactions from suspicious ones, markedly reducing the number of false positives and reliance on the human factor.

Hazem Mulhim, CEO, EastNets says: “Artificial intelligence is building on old, static, rule-based systems in compliance and risk management solutions by automating customer onboarding, watch list filtering and fraud detection. en.SafeWatch PaymentGuard tackles the rising risk and magnitude of payments fraud in the financial industry by classifying transactions according to past patterns in order to detect anomalous or suspicious transactions."

The EastNets Bureau connects 260 banks to the Swift messaging network, including some of the biggest financial institutions in the Middle East. It hit the headlines in April when the ShadowBrokers hacking crew dumped a cache of old hacking tools on the Internet alongside claims that the NSA had used the highly-classified technology to infiltrate a Swift Service Bureau run by EastNets.

EastNets at the time said the published documents lacked credibility and the claims made by the hackers were "totally false and unfounded".

The EastNets tech upgrade follows the publication at the weekend of Swift's 2016 annual report which showed a 31% decline in profit to EUR47 million, following additional investments in security. In the wake of multiple hacks at Swift member banks, the interbank co-operative has tripled the size of its security team over the past three years and plans to add additional staff. Executive management goals and incentives have also been aligned with security targets.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift and EastNets deny hacker claims that NSA infiltrated back door to spy on Mid East banks

Swift and EastNets deny hacker claims that NSA infiltrated back door to spy on Mid East banks

18 April 2017  |  6795 views  |  0 comments | 5 tweets | 7 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
9954 views comments | 16 tweets | 12 linkedin
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
9095 views comments | 7 tweets | 6 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
8950 views comments | 10 tweets | 5 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
8791 views comments | 25 tweets | 16 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
8071 views comments | 25 tweets | 24 linkedin

Featured job

Frankfurt, Germany or CEE Region

Find your next job