Jordan-Based Bank Exposed to Fraudulent Activities; NetGuardians Steps In to Prevent Financial Crime

A shocking revelation has emerged from Jordan-based bank, Bank al Etihad, which has been exposed to fraudulent activities. In response, the institution has partnered with NetGuardians, a Swiss fintech company specializing in AI-enabled payment fraud prevention solutions.

The Problem: Authorized Push Payment Fraud (APP) Scams

According to sources, Bank al Etihad had detected an alarming number of fraudulent transactions over the past year, with 94% related to APP scams. In these scams, victims are tricked into making large bank transfers to accounts posing as legitimate payees. The average value of these malicious transactions was USD9,000, while the largest attempted sum was USD500,000.

The Solution: NetGuardians’ AI-Enabled Payment Fraud Prevention

NetGuardians’ AI-based financial fraud and anti-money laundering solutions will help strengthen Bank al Etihad’s fraud prevention capabilities, mitigating the risk of fraudulent activity across all payment channels. The solution uses innovative behavioral analytics, machine learning, and artificial intelligence to monitor transactions in real-time, providing a risk score by assessing them against the usual customer profile.

Benefits of the Partnership

By partnering with NetGuardians, Bank al Etihad’s customers can have confidence that their assets will always be protected in real-time, even as financial scams evolve. The partnership marks a significant step in the fight against financial crime, as Bank al Etihad joins the ranks of over 100 banks and wealth managers worldwide that rely on NetGuardians’ solutions to prevent fraudulent payments.

What They Say

“We are delighted to be partnering with Jordan’s Bank al Etihad,” 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.”

“The NetGuardians AI-based fraud protection solution is an obvious choice for Bank al Etihad,” said Zeina Asfour, Director of Operations Risk at Bank al Etihad. “As a forward-thinking financial institution, we are constantly on the lookout for new and innovative ways to improve the delivery of our products and services to our customer community.”