Egypt’s ADCB-EGYPT Partners with SAS to Implement AI-Powered Fraud Detection Solution
Enhancing Real-Time Fraud Prevention Capabilities
November 16, 2021 - ADCB-Egypt, in collaboration with SAS, The Leader in Analytics, has announced the implementation of Egypt’s first AI-powered fraud detection solution. This innovative partnership makes ADCB-EGYPT the first bank in the country to adopt an AI-driven fraud detection capability powered by SAS’ Fraud Management Solutions.
Monitoring Multiple Channels
The successful rollout enables the Bank to monitor multiple channels, including:
- Internet banking
- Mobile banking
- Interactive Voice Response (IVR)
- Cards transactions
The AI-powered solution amplifies the Bank’s ability to review suspicious activities and detect malicious activities in real-time. Additionally, the solution provides self-service capabilities for configuring new rules and simulations, allowing the Bank to stay agile and adapt to changing market conditions and regulations issued by the Central Bank of Egypt (CBE).
Quotes from Key Executives
Ihab ElSewerky, Managing Director & CEO at ADCB-EGYPT
“This partnership ensures a seamless and secure financial ecosystem for our customers. The AI-powered solution offers advanced technology for fraud detection and prevention across various banking channels.”
Samir Naguib, Country Manager, Egypt at SAS
“The partnership bolsters ADCB-Egypt’s fraud prevention capabilities by leveraging AI and Analytics solutions. The scalable solution is aligned with the Bank’s agenda to expand within the region and strengthen customer trust by protecting all touchpoints.”
Significance of the Collaboration
The article highlights the significance of this collaboration in providing customers and financial institutions across the region access to AI-generated prevention strategies, ensuring a more secure banking journey.
By leveraging the power of AI and analytics, ADCB-EGYPT and SAS are setting a new standard for fraud detection and prevention in Egypt, ultimately enhancing customer trust and protecting the financial ecosystem.