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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

Banking & FinanceCybersecurityTop Stories

Swiss FinTech company, NetGuardians, 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 and 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 US$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 while decreasing operational costs. Machine Learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes.

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