SwiftPay, part of Swift Technology Ventures Inc. regulated by the Bangko Sentral ng Pilipinas (BSP), has introduced SwiftGuard. This innovative fraud-detection solution targets local banks and BSP-supervised financial institutions to meet stringent anti-fraud mandates.
A Response to Growing Financial Fraud
The launch is timely, considering the increasing pressure on financial institutions under the Anti-Financial Account Scamming Act (AFASA) and BSP Circular No. 1213. These regulations mandate the implementation of Fraud Management Systems (FMS) to detect fraudulent transactions in real time.
Compliance cannot be treated as a one-time technology project. Financial institutions need controls that keep learning, adapting, and producing evidence as fraud tactics evolve.
Paweł Jędruch, Head of Technology at SwiftPay
- Over 60% of Filipino adults are targeted by financial scams annually.
- E-wallets account for 74% of illicit financial transactions.
SwiftGuard functions as a Software-as-a-Service (SaaS) layer and utilizes REST/JSON APIs. It does not necessitate changes to existing banking systems, making it easier for institutions to adopt.
This system assesses real-time transaction data based on five key parameters, including transaction velocity and behavioral anomalies, to provide actionable recommendations.
Integration with Major Banking Systems
SwiftPay's expansion into core banking security is significant. The platform is already operational in institutions like VBank, Netbank, and AgriBank, and is integrated with Nextbank’s infrastructure for seamless deployment.
This move is part of a broader strategy to enhance security measures in the Philippine financial sector, addressing the rising concern over financial fraud.