Jordan-based bank Bank al Etihad has partnered Swiss fintech NetGuardians to deploy its AI-powered payment fraud prevention solution.
The Bank al Etihad group is a banking and financial institution that has been serving Jordanian customers since 1978. Its entities include a financial brokerage company and a financial leasing company.
With NetGuardians’ solution, the bank aims to strengthen its fraud prevention capabilities and mitigate the risk of fraudulent activities across all its payment channels in real time. The solution leverages behaviour analytics, machine learning and AI, to monitor transactions and assign a risk score against the customer profile.
NetGuardians claims its solution reduces the frequency of false positives, improves detection rates, lowering operational costs and not compromising on customer experience.
Zeina Asfour, director of operations risk at Bank Al Etihad, calls NetGuardians an “obvious choice” for the bank.
“Employing AI and machine learning to monitor payment transactions in real-time, improving detection and minimising customer experience friction was an easy decision.”
Jonathan Somers, regional sales director MEA at NetGuardians, adds that its solution will instil confidence in Bank al Etihad’s customers “that their assets will always be protected in real time, even as financial scams evolve”.
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