Abu Dhabi Commercial Bank Partners with SAS Institute for AI-Powered Fraud Detection
In a groundbreaking move, Egypt’s Abu Dhabi Commercial Bank (ADCB) has collaborated with SAS Institute to implement an innovative AI-powered fraud detection solution aimed at enhancing real-time fraud prevention capabilities. This pioneering initiative underscores the bank’s commitment to Egypt’s security-first approach in its rapid digital transformation journey.
First-of-Its-Kind Solution for Fraud Detection
ADCB-Egypt, a first-time adopter of SAS’ Fraud Management Solutions, has introduced an AI-driven solution that empowers the bank to monitor multiple channels, including internet banking, mobile banking, interactive voice response (IVR), and card transactions. This cutting-edge technology amplifies the bank’s ability to review suspicious activities in real-time, detect malicious activities, and configure new rules and simulations as needed.
Benefits of AI-Powered Fraud Detection
The introduction of this AI-driven solution offers numerous benefits, including:
- Enhanced fraud detection capabilities across multiple channels
- Real-time monitoring of transactions to prevent fraudulent activities
- Ability to configure new rules and simulations to adapt to changing market conditions and regulations issued by the Central Bank of Egypt (CBE)
- Increased agility in responding to emerging threats
Collaboration between ADCB-Egypt and SAS Institute
Ihab ElSewerky, Managing Director and CEO at ADCB-Egypt, emphasizes the importance of this partnership: “Our collaboration with SAS ensures that our key pillars are met, creating a seamless and secure financial ecosystem for our customers. The AI-powered solution offers advanced technology for fraud detection and prevention across our various banking channels.”
Samer Naguib, Country Manager, Egypt at SAS, adds: “Capitalizing on our ongoing partnership with ADCB-Egypt, we effectively bolster their fraud prevention capabilities by leveraging our AI and Analytics solutions. This helps the bank predict behavioral patterns, safeguard customers, and efficiently manage risk. The scalable solution is aligned with the Bank’s agenda to further expand within the region and strengthen customer trust.”
SAS’ Track Record in Fraud Detection
SAS has a proven track record of providing financial institutions across the region access to AI-generated prevention strategies, ensuring that their banking journey is more secure. Their solutions help sift through large volumes of transactions and multiple risks by adding numerous scenarios to reduce overall false positives for enterprise and cross-channel fraud prevention.
By leveraging SAS’ AI and Analytics solutions, ADCB-Egypt can better predict behavioral patterns, safeguard customers, and efficiently manage risk, ultimately strengthening customer trust and reinforcing Egypt’s security-first approach in its digital transformation journey.