Bottomline Technologies, which specializes in business payments, is the latest to introduce a fraud-fighting solution for members of the Swift payment network.
Portsmouth, N.H.-based Bottomline’s solution—its first specifically designed for the Society for Worldwide Interbank Financial Telecommunication—notifies users of risky transactions in real time so they may intercept and investigate them before fraud occurs, Bottomline said in a Tuesday press release.
Bottomline’s solution takes another approach to security alongside Swift’s own real-time fraud-monitoring
While Swift’s solution provides broad filtering of suspicious transactions, Bottomline’s offering automatically analyzes users’ typical transactions and behavior to spot unusual patterns, giving a more complete picture of who is accessing systems to send funds via the Swift network, Vigue said.
Available to banks of all sizes, Bottomline’s new Swift solution is designed to appeal especially to large institutions whose size and scale isn’t suitable for fraud-fighting tools that require manual intervention on each suspicious transaction, according to Vigue.
Bottomline saw a need to develop the new solution following last year’s high-profile heist of funds from the
Although Swift has shored up its security processes, Bottomline said large institutions were asking for additional protections.
“At the behest of our customers, particularly large financial institutions, we began developing a module on top of our existing payment fraud platform that specifically focused on preventing future attacks like the one on the Bank of Bangladesh,” Vigue said. “The combination of analyzing transactions plus user behavior is much stronger when trying to detect fraud than monitoring transactions alone.”
Bottomline’s solution can also protect non-Swift messages against ACH and wire fraud, Vigue said.
