· en.SafeWatch PaymentGuard (en.SWPG) incorporates the latest in artificial intelligence and machine learning
· Models recognise and prevent fraudulent activities in financial transactions
· Reduces financial crime
· Reduces false positives in detections
Dubai – EastNets, a leading provider of innovative global compliance, risk and payments solutions, has integrated artificial intelligence (AI) capabilities across its family of solutions.
en.SafeWatch PaymentGuard (en.SWPG) is a new AI-powered anti-fraud solution that detects and acts on fraudulent SWIFT payments, based on machine learning capabilities. The solution constantly optimizes the accuracy of its models, sorting out genuine transactions from suspicious ones, markedly reducing the number of false positives. The high efficiencies gained through AI decreases operating costs and reliance on the human factor.
Using powerful EastNets-developed fraud detection models on top of machine learning algorithms, en.SWPG continuously adapts its predictive models based on historical transactions. These patterns form the basis upon which future transactions are evaluated and classified.
Hazem Mulhim, CEO, EastNets said: “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 shift in the global regulatory environment is reshaping innovation in RegTech companies, and en.SafeWatch PaymentGuard places EastNets right at the forefront in leveraging this technology to prevent payments fraud.”
PaymentGuard was launched at the ACAMS 5th Annual AML Risk Management Conference in New York City, and will be available on July 25 to all EastNets clients globally.
The estimated cost of cybercrime to the global economy last year was $450 billion in direct and indirect damages. Experts estimate that cybercrime costs could reach $2 trillion by 2019, but the Hiscox Cyber Readiness Report 2017 found 53% of companies worldwide were ill-prepared to deal with cyberattacks.
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About EastNets
EastNets is a global leading provider of compliance, payment and cloud solutions and services with offices across Europe, North America, Asia-Pacific and the Middle East.
With over 1,000 customers in 120 countries, including 22 of the top 50 global banks, EastNets has gained the trust that comes with delivering excellence, strategic advantage and measurable results to financial institutions, corporate and government agencies.
For the past 30 years, EastNets has been committed to helping businesses transform the way they manage risk and complexity.
Media contacts
Dalia Masad, EastNets
Tel.: +971 4 391 2888
Email: dmasad@eastnets.com
James Allan, Brunswick Group
Tel.: +971 56 174 8667
Email: jallan@brunswickgroup.com
© Press Release 2017
