Swiss fintech NetGuardians has announced that Bank of Africa (BOA) will use NetGuardians’ fraud prevention software to safeguard its assets and branches in Morocco against internal and payment fraud. BOA is a pan-African bank present in 31 countries worldwide, 20 of them being in Africa.

25 client banks across Africa & The Middle East are using NetGuardians as their anti-fraud solution. NetGuardians is working with banks to protect more than USD 7 trillion in assets from fraudsters. 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, cited in the press release.

NetGuardians software forms customer profiles through its 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, trying to provide good 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. The AML transaction monitoring solution The solution offered by NetGuardians was launched on the market in early November 2022. The NG|Screener platform was extended and now applies to money-laundering transaction monitoring in a bid to update AML approaches for effectiveness and efficiency.

The AML transaction monitoring solution combines internal and external sources of data to look for behavioural anomalies. This allows it to accurately monitor large volumes of transactions to reduce false alerts and improve operational efficiency while cutting costs. Previous partnerships Basellandschaftliche Kantonalbank (BLKB), also based in Switzerland, selected NetGuardians’ software to help with fraud prevention.

BLKB chose NetGuardians’ fraud mitigation software to further protect its customers from the growing payment fraud threat. In addition to payment fraud being more prevalent, attacks are also becoming more sophisticated, making them harder to spot. Earlier in 2022 another Swiss firm, Luzerner Kantonalbank (LUKB) also elected NetGuardians to improve its fraud-prevention systems.

LUKB is implementing NetGuardians’ AI-based fraud-mitigation software as part of its defences against payment fraud. The software builds up accurate profiles of a bank’s customers, allowing it to spot suspicious transactions with a high degree of accuracy. This means fewer calls to customers to verify payments, helping to cut costs and improve the customer experience.

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