Swiss FinTech leader NetGuardians has been selected by National Bank of Malawi to protect customers’ data and prevent fraud.
National Bank of Malawi is implementing a proactive risk mitigation approach and further enhancing internal control strategy as the bank goes through a core banking upgrade process. They have now selected NetGuardians’ enterprise software platform solution, FraudGuardian, to continuously audit all banking system and prevent fraud in a proactive manner. This involves the implementation of specific controls against some of the most sophisticated and evolving fraud patterns.
Risks are present at all corners during core banking upgrades. Many IT changes (program change, data migration, user configuration, etc.) are operated by bank’s IT admin and external consultants during the project. All these important changes need to be appropriately authorized, recorded, tracked and audited to ensure that the change in the management process is under control. An update in banks’ core-banking system may easily lead to an overlap of rights in various areas. This may have an impact on the transaction process and open the door to possible frauds.
NetGuardians offers the reliability of long expertise in fraud solutions customized for banks. Their FraudGuardian solution is based on NG|Screener, a smart behavioral analysis software based on policy rules, profiling, and predictive analysis. With Big Data to correlate human behavior and financial transactions across entire banking system, it can identify potential fraud before it happens. It tracks and audits all activities continuously, in real time, and instantly alerts risk managers to any deviations.