Pelican, a provider of payments and compliance solutions for both banks and corporations, has deployed new fraud preventative technology, powered by artificial intelligence (AI), in a bid to help monitor and curb breaches in compliance systems and networks, per a group statement.
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The initiative and launch follows on the heels of a turbulent 2016, which saw numerous breaches to leading payments and interbank networks, including an attempted heist of $1 billion from the Central Bank of Bangladesh via SWIFT’s network.
PelicanSecure Fraud Prevention solution is the company’s new AI solution that will aim to help actively and intelligently monitor, analyse, detect and prevent attempted breaches. The new technology will also look to exceed traditional static ‘checkbox’ compliance systems, many of which have shown to exhibit vulnerabilities to modern day hackers.
Cyber Security Facing Headwinds in 2017
Fraud prevention and data security is at the forefront of most banking and security systems in 2017 with hacking on the uptick, as well as the complexity and tools available to hackers. Moreover, there already exist several vulnerabilities facing real-time gross settlement and wire payments systems, though efforts to improve these have been made in the past.
The PelicanSecure Fraud Prevention solution will also help address multiple vulnerabilities in the payment life-cycle, which will rely on its ability to learn complex patterns of behavior, whilst identifying subtle anomalies that are indicative of fraud.
The solution is available as a stand-alone service, or also as a modular part of the overall PelicanSecure suite that includes integrated and advanced fraud, AML and sanctions screening services, among other products.
According to Parth Desai, founder and CEO of Pelican, in a statement on the solution: “Truly effective protection requires solutions that do not merely respond to past patterns of attack, but ones that deploy advanced predictive and anomaly aware technology – detecting and preventing new fraudulent payment patterns.”
“Our twenty-years of experience in the payments, SWIFT and correspondent banking world, together with our extensive AI pedigree, places Pelican in a unique position to understand these challenges and to pioneer the practical application of artificial intelligence into compliance and the payments life-cycle, ” he added.