Fraud prevention is founding strategy for the Ghanaian bank
Yverdon-les-Bains, 14 June 2017 – Ghana-based Premium Bank has selected NetGuardians’ proven anti-fraud solution – FraudGuardian – to support the bank’s growth in the Ghanaian market.
Based in Switzerland, NetGuardians is known internationally for its unique, robust Fintech solutions for risk mitigation. FraudGuardian uses a patented Big Data model to correlate and analyze human behaviors across the entire bank system including eBanking, service channels, IT systems and financial transactions. Its advanced behavioral analytics capabilities enable banks to prevent fraud in a proactive manner.
Formerly known as City Investment Company (CIC), Premium Bank received regulatory approval to begin operating as a bank in 2016. They have specialized experience working with small and medium enterprises (SMEs). “Our clients count on us for financial services that are vital to their businesses; their security is our number one priority. FraudGuardian will watch over the Bank’s employees and customer activities, enabling our risk personnel to prevent fraud before it happens,” explains Premium Bank CIO, Emmanuel Annoh. “We were impressed by how intuitive and user-friendly FraudGuardian is and found that its additional modules can support the bank as we continue to expand our digital channels.”
Mr. Annoh adds that NetGuardians’ intelligence updates and existing customers in Ghana and rest of the world will also benefit Premium Bank. “We know that fraudsters continuously evolve their attacks, therefore we needed a solution that would protect our customers in future, not just today. The Bank will become part of the NetGuardians community, where we will gain access to knowledge on emerging fraud patterns and a continuously updated controls library, enabling us to stay ahead of the fraudsters.”
Integration of the solution into Premium Bank’s Temenos Core Banking Platform was straightforward as NetGuardians has been a Temenos Complementary Solution Provider since 2015. Additionally, Premium Bank will enjoy support from Global Solutions, NetGuardians’ local partner. “NetGuardians solutions are highly-reputed and integrated throughout West Africa. They offer the quality that Global Solutions insists on,” says Dzifa Abodakpi, Country Manager of Global Solutions, a company dedicated to offering differentiated IT-enabled solutions. “We are honoured to play a role in supporting Premium Bank with a proven fraud mitigation solution as they launch their banking operations.”
NetGuardians is very pleased to welcome this new bank to the NetGuardians community. “We find it particularly satisfying to be working with Premium Bank right from the start,” says NetGuardians CEO Joël Winteregg. “This says to us that they – like us – consider fighting fraud a central piece of providing excellent customer service in the financial services industry.”
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About NetGuardians SA
Named a Gartner Cool Vendor in 2015, NetGuardians is a leading Fintech company recognized for its unique approach to fraud and risk assurance solutions. Their software leverages Big Data to correlate and analyze behaviors across the entire bank system – not just at the transaction level. Pre-defined controls enable banks to target specific anti-fraud or regulatory requirements. A controls update service ensures financial institutions benefit from ongoing protection in the face of the continually evolving risk challenges. Headquartered in Switzerland, the company has offices in Kenya, Singapore and Poland.
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About Premium Bank
Premium bank, formerly known as City Investments Co. Ltd, is a subsidiary of the Vanguard Group of Companies. With the vision of becoming the leading SME bank in Ghana, the bank is especially committed to the provision of innovative & tailor-made business growth solutions to the challenges of Small & Medium Scale Enterprises (SMEs) through its flagship Helpstation initiative, borne out of a partnership with The African Network of Entrepreneurs (TANOE). The bank obtained the license to commence banking operations in 2016 after over twenty years in the financial sector as a finance house.
About Global Solutions
Global Solutions Limited is the foremost ICT and Infrastructure services and solutions provider in the markets in which it operates. The company specializes in IT Solutions that satisfy the unique needs of financial, industrial/distribution, telecommunication, oil/gas and utilities sectors of the economy. The company is a member of the international and well-established Inlaks Group of Companies. It enjoys a reputation for professionalism and commitment to its customers.