Bank of Africa Turns to NetGuardians for Fraud Prevention
In an effort to safeguard its assets and branches against internal and payment fraud, Bank of Africa has announced the implementation of NetGuardians’ enterprise risk platform. This move aims to prevent financial losses and ensure a strong anti-fraud culture in the pan-African banking industry.
A Leading Solution for Fraud Prevention
NetGuardians is a Swiss fintech company that has earned a reputation for providing robust protection against fraudsters, with over 25 client banks across Africa and the Middle East relying on their anti-fraud solution. Additionally, NetGuardians is trusted by 40% of the largest banks in East Africa, protecting more than $7 trillion in assets from fraudulent activities.
The Importance of Anti-Fraud Culture
According to the Global Economic Crime and Fraud Survey, five of the top 10 countries most affected by fraud are located in Africa. In light of this, building a strong anti-fraud culture is crucial for the growth of pan-African banking. NetGuardians’ software employs innovative behavioral analytics, machine learning, and artificial intelligence to:
- Form customer profiles
- Monitor transactions
- Provide risk scores
Key Features of the Software
The software significantly reduces false positives, ensuring an excellent customer experience while decreasing operational costs. Machine-learning algorithms enable financial institutions to identify and stay ahead of emerging fraud schemes.
Implementation Benefits for Bank of Africa
The implementation of NetGuardians’ anti-fraud solution will enable Bank of Africa to:
- Stay one step ahead of fraudsters
- Enhance its customer service by minimizing false positives
- Reduce operational costs
A spokesperson for the bank expressed their excitement about partnering with NetGuardians, stating, “We are pleased to welcome NetGuardians’ anti-fraud software to our network as we continue to strengthen our fraud mitigation strategies.”
Partnership and Future Plans
Jonathan Somers, Regional Director for Middle East and Africa at NetGuardians, expressed his pride in partnering with Bank of Africa, saying, “Africa is a continent of immense opportunity, and technology-based infrastructure plays a significant role in facilitating this growth. We are proud to provide advanced fraud protection to Bank of Africa, while also enhancing its customer service by minimizing false positives.”