This article appeared on B&FT Online on 1 June 2022
NetGuardians – renowned for its enterprise risk platform for combatting bank fraud – has announced it has joined forces with software integration specialist BlueSPACE Africa Technologies to help Ghanaian financial institutions fight fraud.
The partnership was launched with an executive breakfast event attended by banks, industry leaders and the media, and comes as pressure is building on banks in Ghana to do more to stop fraud.
Just last month, the country’s Cyber Security Authority and the Ghana Association of Banks urged the industry to increase its efforts to stop cybercrime and introduce practical strategies for implementing the Cyber Security Act 2020.
The two bodies also raised the possibility of revising the 2018 Cyber Security Directive for Financial Institutions. This places responsibility for stopping fraud with management and the boards of banks, and requires effective anti-fraud controls.
Fraud in Ghana is on the rise. The latest figures show the country’s banking industry suffered GH¢1billion (US$133million) worth of fraud, up from GH¢115.5 million in 2019. The attack vectors for the fraudsters continues to grow thanks to the proliferation of digital channels.
Today, new threats continue to emerge as the criminals adapt their methods; making it hard for traditional rules-based fraud-prevention approaches to keep up without undermining the customer experience.
The problem for banks is four-fold: recognising new fraud types; processing large volumes of payments; and stopping the fraud before any money has left the account, all without undermining the customer experience.
NetGuardians’ Al-based fraud-prevention software addresses these challenges.
It operates in real-time, building highly accurate individual customer profiles that spot and stop out-of-character transactions. It stops more fraud with 85 percent fewer false alerts and customer call-backs. This cuts operating costs by more than 75 percent, thereby making it more efficient and cost-effective than other fraud prevention solution.
Implementation is straightforward, with the software easily integrated with leading banking platforms.
Some 24 banks in Africa, including Consolidated Bank Ghana, already rely on NetGuardians software to protect their customers from fraud.
Samuel Amanor, founder and CEO of BlueSPACE Africa says: “With fraud on the rise it’s vital we make it as easy as possible for banks to implement effective software so they can protect their customers. I’m pleased BlueSPACE Africa, working with NetGuardians, is helping banks do just that. Together, we will stop the criminals”.
Jonathan Somers, NetGuardians Regional Director MEA says: “Digital banking is great for customers, but without adequate controls it is also tragically proving to be a great opportunity for fraudsters. Working with BluesPACE Africa, we will be able to install NetGuardians ready-to-go fraud-prevention solutions in more banks; making the whole sector safer for everyone.”
NetGuardians is listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms, and as one of the top vendors in Gartner’s 2020 Market Guide for Online Fraud Detection.
NetGuardians is an award-inning Swiss FinTech helping financial institutions in over 30 countries to fight fraud. More than 80 banks, including 40 percent of the largest banks in East Africa, rely on NetGuardians’ 3D artificial intelligence (3D Al) solution to prevent fraudulent payments in real-time.
Banks using NetGuardians software have achieved an 85 percent reduction in customer friction, enjoy more than 75 percent lower operating costs and have detected new fraud cases.
NeGuardians is the fraud-prevention partner of major banking software companies including Finastra,Avaloq, Mambu and Finacle.
NetGuardians was listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and Global Leader in the Aite-Novarica’s 2021 Fraud and AML Machine Learning Platforms Report. Headquartered in Switzerland, NetGuardians has offices in Singapore, Kenya and Poland.
BlueSPACE is a business Financial Technology integration company, building financial backbone systems & infrastructure that enable secure and efficient movements of transactions while positively impacting lives.
We inspire individuals and organisations to work more effectively and efficiently, and create greater choices in applying technology to improve overall business outcomes and benefits for all concerned.