Bank al Etihad Partners with NetGuardians to Boost Financial Crime Prevention Capabilities
Strengthening Fraud Prevention Capabilities in Jordan’s Banking Sector
In a strategic move aimed at countering financial crime and enhancing customer experience, Bank al Etihad has partnered with Swiss fintech company NetGuardians to deploy its AI-enabled payment fraud prevention solution. This collaboration marks another significant step in the bank’s ongoing efforts to leverage technology and innovation to strengthen its fraud prevention capabilities.
A Leader in Fintech Innovation
NetGuardians is a cutting-edge software provider that currently protects over $7 trillion in assets across banks globally, including institutions in the Middle East, Europe, Africa, and APAC. Its AI-based solution utilizes innovative behavioral analytics, machine learning, and artificial intelligence to monitor all transactions in real-time.
How it Works
The NetGuardians solution assesses each transaction against the usual customer profile, providing a risk score that reduces false positives and improves detection rates. This approach ensures a seamless customer experience while lowering operational costs.
Detecting Fraudulent Transactions
Within the last year, NetGuardians detected 94% of fraudulent transactions related to Authorized Push Payment Fraud (APP), a scam where victims are tricked into making large bank transfers to accounts posing as legitimate payees. The average value of these malicious payment requests is $9,000, while the largest attempted sum was $500,000.
The Importance of Digital Transformation in Banking
Bank al Etihad, one of Jordan’s premier financial institutions since its establishment in 1978, has been at the forefront of digital transformation. Guided by its commitment to innovation and customer-centricity, the bank has placed technology, entrepreneurship, and innovation at the core of its strategic approach.
A Partnership for Success
“We are delighted to be partnering with Bank al Etihad, a bank that shares our passion for empowering customers through technology,” said Jonathan Somers, Regional Sales Director MEA at NetGuardians. “Our payment fraud solution is designed to provide real-time protection for Bank al Etihad’s clients, ensuring their assets are always safeguarded even as financial scams evolve.”
Quotes from Key Stakeholders
- “The NetGuardians AI-based fraud protection solution was an obvious choice for us. As a forward-thinking financial institution, we are constantly seeking innovative ways to improve the delivery of our products and services to our customer community.” - Zeina Asfour, Director of Operations Risk at Bank Al Etihad
Conclusion
The partnership between Bank al Etihad and NetGuardians is a significant step towards enhancing the bank’s fraud prevention capabilities and protecting its customers from financial crime. By leveraging AI-powered technology, the bank aims to provide a seamless customer experience while minimizing operational costs and reducing the risk of fraudulent activity.