Pelican, a global provider of payments and compliance solutions for banks and corporates, is using the latest in technology to protect its clients from wire transfer fraud through its new Pelican Secure Fraud Prevention solution.
Finextra reported on the announcement, which detailed how the company is using artificial intelligence (AI) technology to monitor, analyze, detect and prevent attempted fraud breaches.
Cyber threats and security breaches are a growing problem, each year becoming more of an issue for companies and their clients. In fact, a report by the British government found that two-thirds of large U.K. businesses were hit by a cyber breach or cyberattack in one year and fewer than 20 percent of breaches are detected internally.
Recent breaches across the SWIFT network are additional proof for the need for more protection against these threats. Last year alone saw numerous breaches to leading financial networks, including an attempted theft of $1 billion from the Central Bank of Bangladesh via SWIFT’s network, according to Finance Magnates.
The Pelican Secure Fraud Prevention AI solution addresses key vulnerabilities in the payment lifecycle by examining complex behavioral patterns and recognizing any changes that can indicate fraud. It’s available as a standalone service or as a part of the overall Pelican Secure suite.
“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,” said Parth Desai, founder and CEO of Pelican. “The Pelican Secure Fraud Prevention solution is perhaps the most powerful demonstration of how intelligent technology can keep banks and businesses one-step ahead of the growing global threat of payments fraud.”