This article appeared on The Paypers on the 25th July 2023
Following this announcement, Bank Al Etihad will be enabled to further strengthen its fraud prevention capabilities in order to mitigate the risk of fraudulent activities that might happen across all its payment channels.
Included in the suite of solutions provided by the NetGuardians is the AI-based financial fraud and anti-money laundering (AML) service, which was designed to protect institutions and companies in real-time from online threads. The bank will be given the possibility to monitor all transactions and payments while providing a risk score and assessing it against the profile of a client. The aim of the partnership is set on the improvement of detection rates and the insurance of an efficient and secure customer experience, with lowered operational costs and minimised payment friction as well.
NetGuardians’ strategy of development
NetGuardians had multiple partnerships and product launches in the last couple of months, covering different geographic places around the world.
In April of 2023, Switzerland-based bank radicant announced its decision to select fintech NetGuardians’ AI software for augmented payment security. As preventing financial crime at the beginning of its process is essential for the efficiency and the digital processing of customer transactions and payments, as well as for data and technology-driven financial services providers like radicant, the bank chose NetGuardians’ set of solutions in order to improve its overall client protection services.
In January 2023 the payment application TWINT collaborated with NetGuardians to bolster fraud mitigation with the use of real time transaction monitoring processing, offered by its AI software. Following this partnership, NetGuardians’ software was set to improve the manner in which the application detected anomalous payments through means of behavioural analytics, artificial intelligence (AI), and machine learning (ML).
The aim of the companies was set on the development of TWINT’s fraud prevention enhancement programme. The AI-based software enabled real time transaction monitoring of all TWINT’s payment transactions and provided a risk score through profiling. Moreover, the service improved the manner in which the application ensured accurate detection and a minimal volume of false positives.
NetGuardians announced in December of 2022 that the Bank of Africa (BOA) was set to leverage its fraud prevention software in order to safeguard its assets and branches in the region of Morocco, against any internal and payment fraud.
The software was used to form customer profiles through its behavioural analytics, artificial intelligence, and machine learning tools. Furthermore, it also monitored all payments and transactions while providing a risk score and comparing it to each profile of users.
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