Dubai – 13 June 2017
EastNets, a leading provider ofinnovative global compliance, risk and payments solutions, has integratedartificial intelligence (AI) capabilities across its family ofsolutions.
en.SafeWatch PaymentGuard (en.SWPG) isa new AI-powered anti-fraud solution that detects and acts on fraudulent SWIFT payments, based on machine learningcapabilities. The solution constantly optimizes the accuracy of its models,sorting out genuine transactions from suspicious ones, markedly reducing thenumber of false positives. The high efficiencies gained through AI decreasesoperating costs and reliance on the human factor.
Using powerfulEastNets-developed fraud detection models on top of machine learningalgorithms, en.SWPG continuously adapts its predictive models based on historical transactions. Thesepatterns form the basis upon which future transactions are evaluated andclassified.
Hazem Mulhim, CEO, EastNets said: “Artificial intelligence isbuilding on old, static, rule-based systems in compliance and risk managementsolutions by automating customer onboarding, watch list filtering and frauddetection. en.SafeWatch PaymentGuard tackles the rising risk and magnitude ofpayments fraud in the financial industry by classifying transactions accordingto past patterns in order to detect anomalous or suspicious transactions. Theshift in the global regulatory environment is reshaping innovation in RegTechcompanies, and en.SafeWatch PaymentGuard places EastNets right at the forefrontin leveraging this technology to prevent payments fraud.”
PaymentGuard was launched at the ACAMS5th Annual AML Risk Management Conference in New York City, and willbe 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 cybercrimecosts could reach $2 trillion by 2019, but the Hiscox Cyber Readiness Report2017 found 53% of companies worldwide were ill-prepared to deal withcyberattacks.
