Jordan’s Bank Al Etihad Partners with NetGuardians to Combat Fraudulent Activities in Banking Sector
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Bank Al Etihad, a leading banking and financial institution based in Jordan, has announced its partnership with Swiss fintech firm NetGuardians to deploy its AI-powered payment fraud prevention solution. This collaboration aims to strengthen the bank’s fraud prevention capabilities and mitigate the risk of fraudulent activities across all its payment channels in real-time.
Background
Bank Al Etihad operates through various entities, including a financial brokerage company and a financial leasing company, with a presence in Jordan since 1978. The bank is committed to providing its customers with secure and reliable financial services, making the partnership with NetGuardians an obvious choice for enhancing its fraud prevention capabilities.
Benefits of NetGuardians’ Solution
NetGuardians’ AI-powered payment fraud prevention solution leverages behavior analytics, machine learning, and AI to monitor transactions and assign a risk score against the customer profile. The benefits of this approach include:
- Reduced frequency of false positives
- Improved detection rates
- Lowered operational costs
- No compromise on customer experience
According to Zeina Asfour, Director of Operations Risk at Bank Al Etihad, “Employing AI and machine learning to monitor payment transactions in real-time, improve detection, and minimize customer experience friction was an easy decision.”
Regional Expertise
Jonathan Somers, Regional Sales Director MEA at NetGuardians, highlighted the importance of the partnership between Bank Al Etihad and NetGuardians. “The solution will instill confidence in Bank al Etihad’s customers that their assets will always be protected in real-time, even as financial scams evolve.”
Previous Collaborations
NetGuardians has previously worked with a range of clients, including Swissquote, Radicant, Twint, and Bank of Africa. The partnership between Bank Al Etihad and NetGuardians is expected to enhance the bank’s fraud prevention capabilities and provide its customers with increased security and confidence in their financial transactions.
Conclusion
The partnership between Bank Al Etihad and NetGuardians demonstrates the commitment of both parties to providing secure and reliable financial services to their customers. By leveraging AI-powered payment fraud prevention solution, the bank aims to minimize the risk of fraudulent activities and enhance customer trust.