Fraud Detection for SWIFT

A number of high-profile – and high impact – cyber heists have used the bank’s connection to the international SWIFT network to execute large-scale fraudulent transfers.

Traditional anti-fraud practices that rely on rules, manual controls or segmentation find it impossible to prevent fraudulent transfers over the SWIFT network. What is needed is a new technological model that detects unusual payment transactions before they are executed.

NetGuardians’ FraudGuardian uses Big Data and dynamic profiling to continuously monitor users and SWIFT transaction flows. It analyzes combinations and correlations of variables from SWIFT and other networks to detect unusual transaction patterns and raise alerts in real-time.
These include:
-    Message types
-    Amounts
-    Currencies
-    Origin countries (BIC5+6 or IBAN)
-    Destination countries
-    Related references

Alerts can be investigated or accepted via our dashboard before the transaction is completed. And because FraudGuardian’s machine learning algorithms constantly assimilate new data, the number of false positives is kept to an absolute minimum, reducing the need for large risk management departments and maximizing the use of resources.