Swiss FinTech leader NetGuardians has been selected by Nigeria’s Keystone Bank Limited for real-time protection against eBanking fraud.
The move helps ensure compliance with the Central Bank of Nigeria’s (CBN) recently-published risk desk directive.
The CBN directive requires financial institutions to effectively respond to customer reports of fraud. Banks must automatically report suspicious events to the Nigeria Inter-Bank Settlement System (NIBSS) through an enterprise fraud management system – the NetGuardians solution, FraudGuardian, is specifically recommended for this by the CBN.
“The CBN recommendation naturally gave confidence in the NetGuardians solution,” says Femi Aderibigbe, Keystone Bank CIO. “However, it was their innovative approach to fraud prevention and system features which convinced us that NetGuardians was the solution that would ensure our customers’ protection from online fraudsters”, explains Mr. Aderibigbe.
FraudGuardian uses a patented Big Data model to correlate and analyze behaviors across the entire bank system including eBanking, service channels, IT systems and financial transactions. Its advanced analytics capabilities are complemented by a library of controls, developed exclusively for the Banking sector.
“Keystone Bank is a technology savvy, service-driven institution, and eBanking is a key part of their operations,” says Joël Winteregg, NetGuardians CEO. “We are very pleased that our solution meets their high expectations and that we can support their security initiatives.”
The FraudGuardian solution will be implemented by Inlaks Computers – NetGuardians’ local implementation partner. “We are delighted to support Keystone Bank with the FraudGuardian solution and look forward to extending FraudGuardian to more Banks in the West Africa region to mitigate fraud risk”, states Precious Osegi, Inlaks Computers Director of Sales & Strategy.