Award-winning Swiss FinTech NetGuardians, famend for its enterprise danger platform for combatting monetary fraud, has introduced that BANK OF AFRICA, a pan-African financial institution current in 31 international locations worldwide, 20 of them being in Africa, will use NetGuardians’ fraud prevention software program to additional safeguard its belongings and branches in Morocco towards inside and cost fraud.
Greater than 25 consumer banks throughout Africa & The Center East are utilizing NetGuardians as their anti-fraud answer; it’s trusted by 40% of the biggest banks in East Africa. NetGuardians is working with banks to guard greater than $7 trillion in belongings from fraudsters and was listed as a International Chief within the 2021 Aite-Novarica report on Fraud and AML Machine Studying Platforms.
Constructing an intricate anti-fraud tradition is paramount to the expansion of pan-African banking, as 5 of the highest 10 international locations most affected by fraud are in Africa, based on the International Financial Crime and Fraud Survey.
NetGuardians software program varieties buyer profiles by way of its revolutionary behavioural analytics, machine studying, and synthetic intelligence. The software program screens all transactions and gives a danger rating by evaluating it towards the shopper profile.
The software program reduces the amount of false positives, offering a wonderful buyer and person expertise while reducing operational prices. Machine-learning algorithms assist monetary establishments to find and keep on high of rising threats from fraud schemes.
BANK OF AFRICA says: “NetGuardians’ anti-fraud software program is a welcome addition to our community as we proceed to strengthen our fraud mitigation. As Financial institution of Africa continues to function a number one business financial institution in Morocco, NetGuardians’ software program will be certain that we keep forward of fraud.”
Jonathan Somers, NetGuardians Center East & Africa Regional Director, says: “Africa is a continent rising in alternative, and technology-based infrastructure performs a big function in facilitating this development. Financial institution of Africa is one in every of Morocco’s largest business banks, and we’re proud that NetGuardians’ anti-fraud answer can present superior fraud safety whereas enriching its customer support by preserving false positives to an absolute minimal.”