BANK OF AFRICA picks NetGuardians to combat payment fraud
This article appeared on Fintech Global on the 21st December 2022
NetGuardians, an enterprise risk platform to combat financial fraud, has been selected by BANK OF AFRICA to safeguard its assets in Morocco.
As part of the deal, BANK OF AFRICA will use NetGuardians’ fraud prevention software to protect its assets and branches in Morocco against internal and payment fraud.
NetGuardians’s software builds customer profiles through the use of behavioural analytics, machine learning, and artificial intelligence. Its software monitors all transactions and provides a risk score by comparing it against the customer profile.
The software reduces false positive volumes and empowers financial institutions to discover and stay on top of emerging threats from fraud schemes.
NetGuardians Middle East and Africa regional director Jonathan Somers said, “Africa is a continent growing in opportunity, and technology-based infrastructure plays a large role in facilitating this growth.
“Bank of Africa is one of Morocco’s largest commercial banks, and we’re proud that NetGuardians’ anti-fraud solution can provide advanced fraud protection while enriching its customer service by keeping false positives to an absolute minimum.”
NetGuardians stated that 25 clients across Africa and the Middle East are using its anti-fraud solution, with the technology trusted by 40% of the largest banks in East Africa.
Earlier in the month, NetGuardians launched the Community Scoring & Intelligence Service, which consolidates and contextualises collective insights and intelligence. The new service collects insights and intelligence from banks, FinTechs and other sources to provide an enhanced scoring capability.
Another new solution released by the company was its anti-money laundering (AML) transaction monitoring solution. The NG|Screener platform now includes an AML transaction monitoring solution that can better detect incidents.
The RegTech company has had a busy year of partnerships. It recently signed a deal with Zurich Cantonal Bank to help it bolster its defences. In a similar deal, it teamed up with Luzerner Kantonalbank to bolster their defences against payment fraud,
Read this article on Fintech Global website.