Financial Crime World

Jordan’s Financial Institutions Urged to Enhance Fraud Prevention Measures Amid Rising Scams

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Growing Concerns over Financial Fraud in Jordan

Local banks in Jordan are being urged to strengthen their fraud prevention capabilities to protect customers from rising scams. The call comes as Bank al Etihad, one of the country’s premier financial institutions, partners with NetGuardians, a Swiss fintech firm, to deploy an AI-enabled payment fraud prevention solution.

Partnership Aims to Mitigate Fraudulent Activity

The partnership aims to mitigate the risk of fraudulent activity across all payment channels at Bank al Etihad, which has been serving customers since 1978. The bank’s commitment to digital transformation and innovation makes it an ideal candidate for implementing cutting-edge fraud prevention technology.

Key Features of NetGuardians’ AI-Based Solution

  • Detects fraudulent transactions in real-time by monitoring all transactions
  • Provides a risk score based on customer profiles
  • Identifies 94% of fraudulent transactions as Authorized Push Payment Fraud (APP)
  • Reduces false positives while ensuring a seamless customer experience and lowering operational costs

Global Proliferation of Digital Payments Facilitates Fraudulent Activities

The global proliferation of digital payments has made it easier for criminals to carry out financial scams. According to NetGuardians, the average value of malicious payment requests stands at USD9,000, with the largest attempted sum reaching USD500,000.

Benefits of NetGuardians’ Solution

  • Improves detection rates while minimizing customer experience friction
  • Reduces operational costs
  • Ensures a seamless customer experience

Quotes from Key Stakeholders

“We are delighted to partner with Bank al Etihad, which places great emphasis on customer care,” said Jonathan Somers, Regional Sales Director MEA at NetGuardians. “Our payment fraud solution is perfect for banks that prioritize customer satisfaction, and we believe it will significantly enhance Bank al Etihad’s fraud prevention capabilities.”

“As a forward-thinking financial institution, we are always looking for innovative ways to deliver our products and services to our customers,” said Zeina Asfour, Director of Operations Risk at Bank Al Etihad. “We were drawn to NetGuardians’ AI-based solution due to its ability to improve detection rates while minimizing customer experience friction.”

Conclusion

The partnership between Bank al Etihad and NetGuardians serves as a reminder of the importance of fraud prevention in Jordan’s financial landscape, particularly as digital payments continue to grow in popularity. With fraudulent activities on the rise, it is essential that local banks prioritize implementing robust fraud prevention measures to safeguard their customers’ assets.