EastNets to outline advanced fraud prevention strategies at Sibos 2011

EastNets, a leading global provider of compliance and payments solutions and services, will discuss the best strategies and technologies for preventing, detecting and addressing financial fraud during the 2011 edition of Sibos, the world’s premier financial services event. The company will deliver a presentation entitled ‘Emerging Fraud Challenges’ on the fourth day of the summit that will cover the latest fraud threats, trends and methods faced by Europe as well as the rest of the world.

Running from September 19 to 23, 2011 at the Metro Convention Centre in Toronto, Canada, this year’s Sibos conference will once again gather banking and financial experts and leaders from around the world to network, do business and talk extensively about key industry issues such as fraud prevention. Sibos is organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the operator of the renowned worldwide SWIFT financial messaging network.

“Financial fraud has been growing in complexity over the past few years as criminal elements take advantage of a recovering global economy. Sibos is an important platform to identify and promote the best approaches to anti money laundering and other illegal financial transactions, and EastNets is very eager to present its own detection and prevention solutions in full support of the global fight against fraud during the event. We also want to learn more about the unique challenges faced by Financial institutes globally we serve so that we can come up with more effective anti-fraud solutions,” said Hazem Mulhim, CEO of EastNets.

During its presentation, EastNets will describe how organized criminal groups travel throughout Europe, identify security gaps and target new territories. The company will emphasize developments in areas such as hardware and software updates, cross-border cooperation and structured initiatives against fraud.

EastNets will also showcase the capabilities of en.SafeWatch Anti-Fraud, a system that provides real-time protection against fraud. The solution accurately detects credit card, wire and internet fraud and can perform real-time blocking actions to protect institutions against fraud losses. It can be easily configured to suit the operational  and cost requirements of adopters. The en.SafeWatch Anti-Fraud system is seamlessly integrated with EastNets anti-money laundering systems currently used by over 400 financial institutions in 80 countries.

EastNets also now features an internal fraud module, taking care of employee behavior within a financial institution. The company’s anti-fraud solution is also equipped with dynamically populating dashboards that offer the possibility to monitor and visualize incidents as they happen. It also covers incidents that may happen with a pre-paid portfolio.

Other EastNets services to feature at Sibos 2011 are the best-selling en.SafeWatch Profiling anti-money laundering system and the en.MoRe Mobile Remittance solution for secure and compliant mobile money transfer. More details on Sibos 2011 and EastNet’s participation in the event are available at http://www.sibos.com/