A real-time solution for a real-time threat
Fraud, a regular feature on our news channels, is gaining in velocity and sophistication, occurring in corporate and banking environments of varying sizes and having a significant impact both financially and on business reputations. The subsequent response from the business community has been varied but now the net is closing in. Organisations, institutions and regulators are galvanising the industry to face up to the very real fraud threat that exists today with technology providers leading the way with investment in security and detection solutions to build the financial fortress.
Amongst the high-profile incidents, experienced hackers targeted SWIFT customers to create fraudulent transactions before submission into the SWIFT network. The SWIFT interface used by financial institutions was compromised and attackers exploited vulnerabilities in banks' funds transfer initiation environments prior to messages being sent over the SWIFT network.
In response, SWIFT has issued a new set of security standards that will facilitate a more secure financial ecosystem. Known as the SWIFT Customer Security Programme, or CSP, SWIFT has established a set of mandatory and advisory controls that will act as a security foundation for the entire SWIFT community.
Monitor, detect, and respond in real-time
As a global leader for nearly three decades in processing business payments, Bottomline is uniquely positioned to offer solutions to corporate and financial organisations that not only help to achieve compliance with SWIFT's new standards but also support a longer-term fraud strategy with enhanced security and detection capabilities.
Bottomline's Secure Payments for SWIFT Interfaces, part of the Financial Messaging Risk and Compliance solution, is an innovative solution providing a powerful combination of comprehensive data capture, behavior monitoring, network security analytics, and real-time transaction censoring. The unique capability of monitoring users and SWIFT payment flows simultaneously helps to rapidly detect anomalous activity. Dynamic profiling, scoring, and predictive risk analytics together produce alerts and prevent the transaction from proceeding, before a loss occurs.
Intelligent Machine Learning, dynamic profiling, and risk scoring together produce alerts and prevent the transaction from proceeding, before a loss occurs.
Critical capabilities for a proactive fraud protection strategy
- Identifies threats in real-time by capturing all network traffic by analysing user activities and by capturing SWIFT MT 1xx and 2xx payments, producing alerts in reaction to suspicious behaviour or eventually blocking transactions.
- Uses intelligent machine learning, rules based detection, and behavior profiling for deep layered security that reduces fraud risk and decreases false positives.
- Reduces investigation time by capturing a complete audit trail of the user's session, enabling a Google-like search capability for investigators. When combined with Bottomline's GTExchange, the solution also provides instant replay of the user's interactions to provide investigators with immediate and comprehensive insights.
- Creates operating efficiency through an investigation centre that includes dashboards, predefined reports, and ad-hoc report design, as well as case management for alerts requiring further review.
- Assists in the compliance with SWIFT Customer Security, specifically related to CSP control 6.4 for logging and monitoring user behaviour, and CSP control 2.9A related to transaction business controls.
Whilst industry standard end-of-day incident reporting can identify fraud that has already occurred and trigger urgent remedial measures, Bottomline's Secure Payments for SWIFT solution has powerful proactive activity monitoring, alerting, and transaction blocking, which goes much further in protecting your business. Seamlessly integrated into your existing SWIFT interface and financial messaging solution, Bottomline can help you respond to the growing sophistication of fraud, protecting as well as powering your critical payment processes.
