• About
    • Company
    • Team
  • Technology
  • Join us
  • Blog
  • Support
NetGuardians
  • Industries
    • Private banking and wealth
      management
      • Discover why so many of the world’s leading private banks and wealth managers select NetGuardians
    • Retail banking
      • Efficiently reduce fraud from day one without stopping genuine customer transactions
    • Digital and challenger
      banks
      • Better, faster fraud prevention that scales efficiently with your business
  • Solutions
    • Payment fraud
      • Stop fraudulent transactions due to social engineering, invoice scams, CEO fraud and more.
    • Internal fraud
      • Prevent internal banking fraud due to collusion, control bypass and more.
    • AML transaction monitoring
      • Monitor all transactions and meet regulatory AML requirements while reducing false alerts and operational costs.
    • Community Scoring & Intelligence
      • Leverage NetGuardians Community Scoring and Intelligence service for actionable insights to expand your risk signals.
  • Fraud cases
  • Resources
    • White papers
    • Solution briefs
    • Case studies
    • Industry brochures
    • Videos
    • One pager and infographics
    • Analyst reports
    • Press
    • Webinars
  • Ecosystem
    • Community Scoring & Intelligence
    • Partners
    • NG Club
    • NG Academy
  • News
  • Contact
  • Search
  • Menu Menu
  • Twitter
  • LinkedIn
  • Facebook
  • Youtube

For Immediate Release

CBA BECOMES THE FIRST BANK IN EAST AFRICA TO DEPLOY NETGUARDIANS’ SOLUTION TO PREVENT FRAUDS

Nairobi the 12 of August 2013 – In order to enhance data security and mitigate against risk of fraud, Commercial Bank of Africa (CBA) selected the software solution of NetGuardians, a Swiss-based software firm with a global client base. It makes CBA the first financial institution in the region to deploy NetGuardians’ solution to prevent fraud at a time when there are rising incidences of the malpractice being reported.

NetGuardians’ solution will enable CBA – with operations in Kenya and Tanzania – to enhance its operations after the deployment of NetGuardians’ NG|Screener, an intelligent behavioral alerting solution which continuously monitors and analyzes banking activities and transactions.

According to Mr. Joël Winteregg NetGuardians’ founder and CEO, NetGuardians uses smart behavioural analysis methods to design the NG|Screener which quickly identifies atypical activity, effectively controls data leaks, and alerts about potential fraud.

“Every day, your information system is subjected to thousands of threats – fraud, data theft, information leaks, and more. In today’s world, where the risks of malicious activity are multiplying, NG|Screener is your greatest ally,” said Winteregg, adding that the software is packaged for the banking sector and can also be easily configured for any field of activity. Based on detailed behavioural analyses, the NG|Screener filters the bank‘s data and sends out alerts whenever potential risks are spotted. With these alerts and regular reporting, the bank is protected from fraud and data theft while operations run smoothly thereby ensuring compliance with business standards.

According to Price Waterhouse Cooper’s (PwC) Spotlight on Financial Services 2011 Risk Survey, Kenya banks are not immune to losses due to fraud, with the 2010 economic crime survey conducted by PwC also indicating that incidences of fraud had soared sharply compared to previous.

“More than 90 per cent of respondents said that their organisations have been hit by fraud. Banks in Kenya lost a staggering Kshs 1.7bn in the three months from August to October 2010. Commercial banks lost Kshs 761m in the first six months of 2010 through fraud, according to the Central Bank of Kenya” states 2011 Risk Survey report.

The PwC report however notes that many medium and large-sized organisations have now incorporated risk management functions to help identify and address fraud, with the functions being devoted significant effort and resources to address internal, financial, environmental, political, economic and commercial risks.

“Even so, companies that are growing in size and complexity and implementing multiple technology-based systems are at risk of fraud. At some financial institutions, top management has delegated detailed supervision to middle management and operational clerks. Internal risk management systems are losing ground to highly-networked, sophisticated fraudsters,” adds the report.

Prior to deploying the solution, CBA had grappled with various challenges – including tracking of IT user activities on the banking application and its satellite; tracking of business user activities on the banking application and its satellite as well as forensic activities once security incidents were detected.

Headquartered in Switzerland, NetGuardians provides strategic solutions to financial institutions globally and has a steadily growing clientele in Europe, Middle East and Africa.

Notes to Editors

– End –

Download press release

About NetGuardians SA

Swiss-based NetGuardians is a leading software company recognized for its revolutionary solutions to control all your operational risks from business operations to IT. Founded in 2007, NetGuardians was the first company to emerge from the innovation incubator of the HEIG-VD Business School and Engineering Vaud, in Yverdon-les-Bains, Switzerland. Since then, the company has seen a steadily growing clientele in Europe, the Middle East and Africa. More information about the NG|Screener for Temenos T24 can be found here: https://www.netguardians.ch//ngscreener-temenos-t24

About CBA Group

Commercial Bank of Africa Ltd (CBA) was founded in 1962 in Dar es Salaam, Tanzania. It later set up branches in Nairobi and Mombasa in Kenya, and in Kampala, Uganda. With the nationalisation of banks in Tanzania, CBA was incorporated in Kenya in 1967. CBA originally commenced business as a subsidiary of SocieteFinanciere pour les pays D’OutreMer (SFOM), a Swiss-based consortium bank with interests in financial institutions throughout Africa. The consortium members included Bank of America, Commerzbank (whose interest was later sold to Dresdner Bank), Bank Bruxelles Lambert and Banque National de Paris.

Categories

  • Events (63)
  • News (78)
  • Others (11)
  • Press (74)
  • Press releases (70)
  • Recognition (25)
  • Webinars (24)

Recent news

  • Press release – NetGuardians powers TM-Pro’s enhanced capability to disrupt financial crime September 12, 2023
  • Transform Finance UK: 5th Annual Fraud & FinCrime Summit, 14 November 2023, London August 25, 2023
  • Empowering Excellence: Welcoming Daniel Füssler as Chief Customer Success Officer August 23, 2023

Contact us

Switzerland

+41 24 425 97 60

info@netguardians.ch

Singapore

+65 6224 0987

Kenya

+254 796 616 263

News

  • Press release – NetGuardians powers TM-Pro’s enhanced capability to disrupt financial crimeSeptember 12, 2023 - 8:11 am
  • Transform Finance UK: 5th Annual Fraud & FinCrime Summit, 14 November 2023, LondonAugust 25, 2023 - 2:20 pm
  • Fintech Futures: Jordan’s Bank al Etihad to deploy NetGuardians’ fraud prevention techJuly 27, 2023 - 8:01 am
© NetGuardians, Inc. All Rights Reserved.
  • Twitter
  • LinkedIn
  • Facebook
  • Youtube
  • Privacy policy
  • Contact
SOFGEN partners with NetGuardians for operational risk solutionLa Banque Piguet Galland redécouvre NetGuardians
Scroll to top

To give you the best possible experience on the NetGuardians website we use cookies to collect personal information to better understand your preferences and improve the performance of our site. The Cookie consent button will remain visible until accepted; however by continuing to use this site, we will assume consent for cookies to be used in accordance with our Privacy policy.

CONTINUELearn more

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Google Analytics Cookies

These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.

If you do not want that we track your visit to our site you can disable tracking in your browser here:

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Other cookies

The following cookies are also needed - You can choose if you want to allow them:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

Privacy policy
Accept settingsHide notification only