Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Home Finance BANK OF AFRICA chooses NetGuardians’ AI software to reinforce internal and payment fraud prevention

BANK OF AFRICA chooses NetGuardians’ AI software to reinforce internal and payment fraud prevention

by Uma
fraud SBI 300200242


Award-winning Swiss FinTech NetGuardians, renowned for its enterprise risk platform for combatting financial fraud, has announced that BANK OF AFRICA, a pan-African bank present in 31 countries worldwide, 20 of them being in Africa, will use NetGuardians’ fraud prevention software to further safeguard its assets and branches in Morocco against internal and payment fraud.

More than 25 client banks across Africa & The Middle East are using NetGuardians as their anti-fraud solution; it is trusted by 40% of the largest banks in East Africa. NetGuardians is working with banks to protect more than $7 trillion in assets from fraudsters and was listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms.

Building an intricate anti-fraud culture is paramount to the growth of pan-African banking, as five of the top 10 countries most affected by fraud are in Africa, according to the Global Economic Crime and Fraud Survey.

NetGuardians software forms customer profiles through its innovative behavioural analytics, machine learning, and artificial intelligence. The software monitors all transactions and provides a risk score by comparing it against the customer profile.

The software reduces the volume of false positives, providing an excellent customer and user experience whilst decreasing operational costs. Machine-learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes.

BANK OF AFRICA says: “NetGuardians’ anti-fraud software is a welcome addition to our network as we continue to strengthen our fraud mitigation. As Bank of Africa continues to serve as a leading commercial bank in Morocco, NetGuardians’ software will ensure that we stay ahead of fraud.”

Jonathan Somers, NetGuardians Middle East & Africa Regional Director, says: “Africa is a continent growing in opportunity, and technology-based infrastructure plays a large role in facilitating this growth. Bank of Africa is one of Morocco’s largest commercial banks, and we’re proud that NetGuardians’ anti-fraud solution can provide advanced fraud protection while enriching its customer service by keeping false positives to an absolute minimum.”