SEB Estonia, the second largest bank in Estonia, has chosen the Progress Apama Complex Event Processing (CEP) platform to detect and prevent fraud in its banking patterns. Earlier this year, the bank identified an increased need for quicker monitoring of fraudulent activity in its banking systems, seeking to catch and prevent fraud in real-time. It was already using the Progress Sonic ESB service bus, and Progress OpenEdge application development platform for its core banking systems.

According to Progress,  the Apama CEP solution will "enable SEB Estonia to detect any unusual behavior that might occur in systems such as Automated Teller Machines (ATM), Bankers' Automated Clearing Services (BACS) transactions and the potential hacking of banking systems, in real-time."

It stated, "Previously, the bank had a team of five people dedicated to detecting fraud and it would take four to five hours to verify whether the activity detected was of a fraudulent nature. With the Apama solution, the bank is able to perform the same activity within 5-10 minutes."

Find out more about how SEB Estonia is fighting fraud now!