Bottomline Technologies announced that it is leveraging its deep experience in cyber fraud risk management solutions to launch a new payment fraud solution for members of the SWIFT payment network.
The solution is being made available to users of SWIFT transactions on Bottomline’s cloud and to on-premise users, including some of the world’s largest banks and financial institutions. It is part of a package of measures being offered by Bottomline to help customers meet security requirements from the SWIFT payments cooperative under its recently announced Customer Security Programme (CSP.)
By June of this year, members of the SWIFT network are required to self-attest that they meet 16 mandatory controls, including multi-factor authentication and malware protection. There are also 11 advisory controls which go further, including intrusion detection and daily validation reports.
The new fraud solution from Bottomline goes beyond the mandatory controls to include real-time monitoring of user behavior and individual messages, which can stop potentially fraudulent payments before they take place.
“The payments security landscape is more complex than ever before,” said Boaz Krelbaum, Managing Director of Cyber Security at Bottomline Technologies. “We’re proud to be able to offer SWIFT network members market-leading real-time protection. The ability to potentially prevent fraudulent payments from being executed before they happen will give our customers an advantage in the battle against fraud.”
