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Bank al Etihad Partners with NetGuardians to Enhance Fraud Detection Capabilities
Amman, Jordan - In an effort to combat financial crime, Bank al Etihad has partnered with Swiss fintech company, NetGuardians, to deploy its AI-enabled payment fraud prevention solution. This move aims to strengthen the bank’s fraud prevention capabilities and mitigate the risk of fraudulent activity across all payment channels.
About the Partnership
The partnership between Bank al Etihad and NetGuardians is a significant step towards enhancing the bank’s security measures. By leveraging NetGuardians’ software, the bank can detect and prevent financial crimes more effectively.
Key Features of NetGuardians’ Software
- Uses innovative behavioral analytics, machine learning, and artificial intelligence to monitor transactions in real-time
- Provides a risk score by assessing each transaction against the usual customer profile
- Reduces false positives, improving detection rates while ensuring a seamless customer experience
- Lowers operational costs for the bank
The Importance of Authorized Push Payment Fraud Prevention
According to NetGuardians, 94% of fraudulent transactions detected within the last year were related to Authorized Push Payment Fraud (APP), where victims are tricked into making large bank transfers to accounts posing as legitimate payees. The average value of these malicious payment requests is USD9,000, while the largest attempted sum was USD500,000.
Quotes from Key Figures
“We are delighted to be partnering with Bank al Etihad, one of Jordan’s premier financial institutions,” said Jonathan Somers, Regional Sales Director MEA at NetGuardians. “Our payment fraud solution is perfect for a bank that places as much emphasis on customer care as Bank al Etihad does.”
“Employing AI and machine learning to monitor payment transactions in real-time, improving detection and minimizing customer experience friction was an easy decision,” said Zeina Asfour, Director of Operations Risk at Bank Al Etihad. “We are constantly on the lookout for new and innovative ways to improve the delivery of our products and services to our customer community.”
Conclusion
With this partnership, Bank al Etihad aims to further solidify its position as a leader in digital transformation, providing customers with instant and improved access to its comprehensive range of products and services.