This article appeared on the Fintech Times on the 21st December 2022
BANK OF AFRICA, a pan-African bank present in 31 countries worldwide: 20 residing within the eponymous region, will implement NetGuardians‘ fraud prevention software. It is using the Swiss fintech’s enterprise risk platform to further safeguard its assets and branches in Morroco against internal and payment fraud.
More than 25 client banks across Africa and the Middle East are using NetGuardians as their anti-fraud solution. Furthermore, it is trusted by 40 per cent of the largest banks in East Africa. NetGuardians is working with banks to protect more than $7trillion in assets from fraudsters and was listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms.
Building an intricate anti-fraud culture is paramount to the growth of pan-African banking. Five of the top 10 countries most affected by fraud are in Africa, according to the Global Economic Crime and Fraud Survey.
NetGuardians software forms customer profiles through its innovative behavioural analytics, machine learning, and artificial intelligence. The software monitors all transactions and provides a risk score by comparing it against the customer profile.
Furthermore, the software reduces the volume of false positives, providing an excellent customer and user experience whilst decreasing operational costs. Machine-learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes.
BANK OF AFRICA says:
“NetGuardians’ anti-fraud software is a welcome addition to our network as we continue to strengthen our fraud mitigation. As BANK OF AFRICA continues to serve as a leading commercial bank in Morocco, NetGuardians’ software will ensure that we stay ahead of fraud.”
Jonathan Somers, NetGuardians Middle East and Africa regional director, says:
“Africa is a continent growing in opportunity, and technology-based infrastructure plays a large role in facilitating this growth. BANK OF AFRICA is one of the largest Morrocan commercial banks. We’re proud that NetGuardians’ anti-fraud solution can provide advanced fraud protection. All the while, enriching its customer service by keeping false positives to an absolute minimum.”
Read the article on thefintechtimes.com.