Fintech Solution to Combat Financial Crime in Jordan: NetGuardians Partners with Bank al Etihad
In a significant move to strengthen its fraud prevention capabilities and mitigate the risk of fraudulent activity across all payment channels, Bank al Etihad has partnered with Swiss fintech company NetGuardians to deploy an AI-enabled payment fraud prevention solution.
Bank al Etihad’s Commitment to Digital Transformation
Bank al Etihad, one of Jordan’s premier financial institutions since its establishment in 1978, has been guided by its commitment to digital transformation and innovation. With a focus on empowering customers through technology, the bank aims to provide instant access to its range of products and services.
NetGuardians’ AI-Based Fraud Protection Solution
NetGuardians’ AI-based fraud protection solution is designed to monitor payment transactions in real-time, providing a risk score by assessing them against the usual customer profile using innovative behavioral analytics, machine learning, and artificial intelligence. This approach reduces false positives, improving detection rates while ensuring a seamless customer experience and lowering operational costs.
Key Features of NetGuardians’ Solution
- Monitors payment transactions in real-time
- Provides a risk score for each transaction
- Uses behavioral analytics, machine learning, and artificial intelligence to detect fraudulent activity
- Reduces false positives
- Improves detection rates
- Ensures seamless customer experience
- Lowers operational costs
The Growing Threat of Financial Crime
According to NetGuardians, 94% of fraudulent transactions detected over the last year were 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 requests is USD9,000, with a largest attempted sum of USD500,000.
Global Proliferation of Digital Payments and Transactions
The global proliferation of digital payments and transactions has made it easier for criminals to carry out financial scams. NetGuardians’ Regional Sales Director MEA Jonathan Somers emphasized the importance of this partnership: “With our existing experience working with banks across the region, we are delighted to be partnering with Jordan’s Bank al Etihad. Our payment fraud solution is perfect for a bank that places as much emphasis on customer care as Bank al Etihad does.”
Partnership and Benefits
Bank al Etihad’s Director of Operations Risk Zeina Asfour added: “The NetGuardians AI-based fraud protection solution is an obvious choice for us. We are constantly looking for new and innovative ways to improve the delivery of our products and services to our customer community. Employing AI and machine learning to monitor payment transactions in real-time, improving detection and minimizing customer experience friction was an easy decision.”
Conclusion
With this partnership, Bank al Etihad joins a growing list of financial institutions that rely on NetGuardians’ 3D artificial intelligence solution to prevent fraudulent payments in real-time. This partnership demonstrates the bank’s commitment to staying ahead of the game when it comes to combating financial crime and protecting its customers.