Banking Technology - National Bank of Malawi opts for NetGuardians system to prevent fraud

National Bank of Malawi opts for NetGuardians system to prevent fraud

24 November, 2016 Written by Tanya Andreasyan

National Bank of Malawi is implementing the FraudGuardian platform from Swiss specialist vendor NetGuardians. The new solution will “protect customers’ data and prevent fraud,” the vendor says.

“We have looked for a solution that continuously audits all banking systems, and particularly mitigate risks related to data migration, back end changes, and rogue administrators,” says Charles Ulaya, CRO of National Bank of Malawi.

FraudGuardian, he explains, offers the bank “a robust fraud risk mitigation” and “out-of-the-box automated controls”. Also, “it is designed specifically for rapid, efficient integration into our core banking system”. The bank uses Temenos’ T24 for its core processing. NetGuardians is Temenos’ long-standing partner.

FraudGuardian is based on NG|Screener, NetGuardians’ behavioural analysis software. “With big data to correlate human behaviour and financial transactions across entire banking system, it can identify potential fraud before it happens,” the vendor states. “It tracks and audits all activities continuously, in real time, and instantly alerts risk managers to any deviations.”

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