Banking Fraud Types in Morocco: Bank of Africa Implements Anti-Fraud Software

Morocco’s largest commercial bank, Bank of Africa, has taken a significant step towards strengthening its fraud mitigation efforts by implementing NetGuardians’ fraud prevention software. The pan-African bank, which operates in 31 countries worldwide, will use the Swiss fintech company’s enterprise risk platform to safeguard its assets and branches against internal and payment fraud.

NetGuardians: A Trusted Anti-Fraud Solution

NetGuardians’ anti-fraud solution is trusted by over 25 client banks across Africa and the Middle East. The company has worked with banks to protect over $7 trillion in assets from fraudsters and was listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms.

The Importance of Anti-Fraud Measures in Africa

Africa is one of the most affected continents by fraud, with five of the top 10 countries hit hardest according to the Global Economic Crime and Fraud Survey. Building an anti-fraud culture is crucial for the growth of pan-African banking, and Bank of Africa has recognized this need.

How NetGuardians’ Software Works

NetGuardians’ software uses innovative behavioral analytics, machine learning, and artificial intelligence to form customer profiles. It then monitors all transactions and provides a risk score by comparing it against the customer profile. This reduces the volume of false positives, providing an excellent customer experience while decreasing operational costs.

Benefits for Bank of Africa

Machine-learning algorithms help financial institutions stay on top of emerging threats from fraud schemes. Bank of Africa has praised NetGuardians’ software as a welcome addition to its network, stating that it will enable them to stay ahead of fraud and provide advanced protection for customers.

Regional Director’s Comments

Jonathan Somers, NetGuardians’ Middle East and Africa regional director, added that the continent is growing in opportunity, and technology-based infrastructure plays a vital role in facilitating this growth. “We’re proud that NetGuardians’ anti-fraud solution can provide advanced fraud protection while enriching customer service by keeping false positives to an absolute minimum,” he said.

Conclusion

The implementation of NetGuardians’ software marks a significant step forward for Bank of Africa and Morocco’s banking industry as a whole in the fight against fraud. By leveraging cutting-edge technology, Bank of Africa is demonstrating its commitment to protecting its customers’ assets and enhancing their overall experience.