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Mongolia’s Largest Commercial Bank Enlists Swift Payment Controls to Enhance Customer Experience and Prevent Fraud

Ulaanbaatar, Mongolia

Khan Bank, the largest commercial bank in Mongolia, has implemented Swift Payment Controls to strengthen its fraud prevention measures and improve customer experience.

Boosting Fraud Prevention Measures

The bank’s decision to adopt Payment Controls is part of its ongoing efforts to protect customers from fraudulent activities and maintain a trusted relationship with foreign correspondent banks. By leveraging Swift’s unique data and risk scoring function, Khan Bank can now detect and block suspicious transactions in real-time, preventing financial losses and enhancing customer satisfaction.

Real-Time Detection and Blocking

According to Zoltuya S., Investigation Officer at Khan Bank’s Payments and Settlement Department:

“We are delighted to have implemented Swift Payment Controls, which has enabled us to intercept one phishing attempt on a customer email address and 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, preventing financial loss for the bank and its clients.”

Attesting to Customer Security Programme Requirements

Khan Bank’s adoption of Payment Controls also enables it to attest to the requirements within the Customer Security Programme, which mandates the implementation of transaction business controls. This will help continue building trusted relationships with foreign correspondent banks.

According to Nomulin B., Team Lead of Transaction Banking Section at Khan Bank’s Process Improvement Department:

“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. 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.”

Swift’s Commitment to Excellence

Swift is a member-owned cooperative that provides secure financial messaging services to more than 11,000 organizations across the financial ecosystem in almost every country in the world. Swift’s Payment Controls solution is designed to help banks detect and prevent fraud, while also improving customer experience.

According to a Swift spokesperson:

“Swift is committed to delivering certainty, continuity and excellence by constantly evolving in an ever-changing landscape. We are proud to support Khan Bank in its efforts to enhance customer experience and prevent fraud, and we look forward to continuing our partnership with the bank.”

Conclusion

By implementing Swift Payment Controls, Khan Bank has strengthened its fraud prevention measures and improved customer experience. With its commitment to excellence, Swift continues to provide innovative solutions that help banks like Khan Bank protect their customers and build trusted relationships with foreign correspondent banks.