Banks in Estonia Uncover Fraudulent Activities with Advanced Detection Systems
In a bid to combat increasing fraud cases in the country’s financial sector, banks in Estonia are turning to advanced detection systems to stay ahead of cybercriminals.
SEB Estonia Implements Progress Software Corporation’s Apama CEP Platform
SEB Estonia, the second-largest bank in the country, has recently implemented Progress Software Corporation’s Apama Complex Event Processing (CEP) platform to detect and prevent fraudulent activities in real-time. The system allows the bank to monitor and analyze large amounts of data from various sources, including:
- Automated Teller Machines (ATMs)
- Bankers’ Automated Clearing Services (BACS) transactions
- Potential hacking attempts
The Apama CEP solution has enabled SEB Estonia to detect unusual behavior and fraudulent activities in a matter of minutes, compared to the previous four-to-five hour verification process. The system allows the bank’s fraud detection team to focus on more critical tasks, while providing real-time visibility into banking patterns and customer behavior.
Early Detection is Key to Prevention
Ain Rasva, Vice President and Chief Technology Officer at SEB Estonia, emphasized the importance of early detection in preventing fraud: “With banking cybercrime on the rise, it’s crucial for us to be able to detect and verify fraud as soon as possible, not just for our customers’ benefit but also for our business.”
Real-Time Rules and Improved Operations
The Progress Apama CEP platform has allowed SEB Estonia to build its own real-time rules, enabling the bank to monitor specific activities and react promptly. The system has given the bank the ability to improve operations while offering better services to its customers.
Quick Response is Crucial in Fraud Detection
Dr. John Bates, Chief Technology Officer at Progress Software Corporation, highlighted the importance of quick response in fraud detection: “Banks need to be able to respond quickly when dealing with fraudulent activity. It’s not enough to spot a scam transaction hours after it occurred. In today’s climate, where fraudulent activity is rampant, having the correct systems in place is crucial.”
Implementation and Results
The implementation project went live in September, marking a significant milestone in SEB Estonia’s efforts to combat fraud and protect its customers’ interests.
About SEB Pank Group and Progress Software Corporation
SEB Pank Group is an Estonian financial group that serves private individuals, companies, and the public sector. With over 820,000 customers served through various channels, including online banking, ATMs, and POS terminals, SEB Estonia is committed to providing secure and efficient financial services to its customers.
Progress Software Corporation is a global software company that enables enterprises to be operationally responsive by offering a comprehensive portfolio of infrastructure software solutions. The company’s products support on-premises and SaaS/Cloud deployments, allowing businesses to maximize benefits while minimizing IT complexity and total cost of ownership.