Khan Bank Strengthens Cybersecurity Defenses Against Financial Frauds
In an effort to enhance its cybersecurity defenses and prevent financial frauds, Khan Bank has implemented the Payment Controls tool offered by Swift. This solution enables the bank to detect and block suspicious transactions in real-time, preventing potential financial losses for the institution and its customers.
Implementation and Benefits
The implementation process was smooth and efficient, with a clear plan that facilitated rapid implementation. The solution has guided Khan Bank to apply additional controls to complement their existing measures. According to Battulga M, Project Manager in charge of Process Improvement Department at Khan Bank:
“The solution has guided us to apply additional controls to complement our existing measures.”
Rules-Based Configurations
Payment Controls offers several rules-based configurations to detect fraudulent transactions, including:
- Message Count
- Amount Aggregation
- Single Payment
- New Scenario
- Business Calendar
- Rules Combination
These rules are based on data from historical fraudulent transaction cases published in the Swift ISAC portal.
Account Monitoring and Forbid List
Khan Bank has also implemented the Account Monitoring rule, which regularly updates its “forbid” list with account numbers of known fraudsters. This ensures that payments sent to those accounts are blocked before being released, providing time for investigation and decision-making.
Real-Time Detection and Prevention
The solution has already delivered tangible benefits for the bank, with Investigation Officer Zoltuya S reporting three incidents where payments were going to be sent to high-risk countries:
“Payment Controls’ abnormal transaction pattern detection enabled us to intercept suspicious payments which were not detected by other controls in place.”
Customer Security Programme and Future Developments
The implementation of Payment Controls has also helped Khan Bank to attest to the requirements within the Customer Security Programme, which mandates the implementation of transaction business controls. This will enable the bank to continue building trusted relationships with foreign correspondent banks.
Khan Bank is looking forward to further leveraging future developments on the Payment Controls product roadmap, informed by developments in the payments risk landscape and community feedback.
Conclusion
“We encourage other banks globally to adopt this powerful tool that leverages unique data to help protect the community and increase trust for partnership in payments business,” concludes Nomulin B, Team Lead of Transaction Banking Section, Process Improvement Department. “Our experience adopting and using this solution has been extremely positive. Within a very short period, Payment Controls has enabled us to intercept fraudulent payments, bringing tangible benefits for our institution and customers.”