How to combat fraud

The best strategies and technologies for preventing, detecting and addressing financial fraud were outlined at Sibos, the world’s premier financial services event, by EastNets, a leading global provider of compliance and payments solutions and services.The company delivered a presentation entitled “Emerging Fraud Challenges” on the fourth day of the summit. It covered the latest fraud threats and trends faced by businesses around the world.

“Financial fraud has been growing in complexity over the past few years as criminal elements take advantage of a recovering global economy,” explained HazemMulhim, CEO of EastNets. “Sibos is an important platform to identify and promote the best approaches to anti-money laundering and other illegal financial transactions, and we are very eager to present our own detection and prevention solutions in full support of the global fight against fraud during the event. We also want to learn more about the unique challenges faced by financial institutes globally so that we can come up with more effective anti-fraud solutions.”

During its presentation, EastNets described how organised criminal groups travelled throughout Europe, identifying security gaps and targeting new territories. In this respect, it emphasised developments in areas such as hardware and software updates, cross-border co-operation and structured initiatives against fraud.

EastNets also showcased the capabilities of en.SafeWatch Anti-Fraud, a system that provides real-time protection against fraud. The solution accurately detects credit card, wire and internet fraud and can perform real-time blocking actions to protect institutions against losses.

A spokesman said, “It can be easily configured to suit the operational and cost requirements of adopters. The en.SafeWatch Anti-Fraud system is seamlessly integrated with EastNets’ anti-money laundering systems currently used by more than 400 financial institutions in 80 countries.

“EastNets also now features an internal fraud module, looking at employee behaviour within a financial institution. This is equipped with ‘dynamically populating dashboards’ that offer the possibility to monitor and visualise incidents as they happen. It also covers incidents that may happen with a pre-paid portfolio.”