Swiss fintech innovator NetGuardians has developed a software solution called FraudGuardian that helps financial institutions meet the requirements of the Central Bank of Egypt’s internet banking regulation.
FraudGuardian can identify behaviors such as those covered under regulation 4.2, which concerns the monitoring of unusual activity, particularly via internet banking. Alerts will be activated, for example:
- If there are multiple online transfers to a third-party account in short period of time, especially if the amount is high or the limit is increased (art. 18.104.22.168).
- If there is a change of correspondence address followed by a request to send important documentation (e.g. cheque book, credit card/ATM PIN) to that address (art. 22.214.171.124).
- If there is abnormal behavior of the customer’s access device (e.g. changed geo-location or IP address) (art. 126.96.36.199).
NetGuardians’s solution features ready-to-use automated controls based on Big Data software analyses. It is the only solution to cover all channels, IT systems and financial transactions across the bank. Real-time intelligent behavioral analysis is used to cross-reference activity, even seemingly unrelated, to spot unusual patterns. Suspicious activity immediately activates alerts to designated investigators. Audit and forensics is conducted easily and reporting can be done automatically.
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