NetGuardians, an award-winning Swiss FinTech company, and Bank al Etihad, a premier Jordan-based banking institution, have announced a strategic partnership to combat financial fraud.
The collaboration aims to counteract financial crime, with NetGuardians set to deploy its AI-enabled payment fraud prevention solution at Bank al Etihad. The partnership will bolster the bank’s fraud prevention capabilities, mitigating the risk of fraudulent activity across all payment channels.
NetGuardians specialises in AI-based financial fraud and anti-money laundering solutions that safeguard over $7tn in assets globally. The firm’s innovative software utilises behavioural analytics, machine learning, and artificial intelligence to monitor transactions in real time, improving detection rates and ensuring a seamless customer experience.
Established in 1978, Bank al Etihad has risen to prominence as one of Jordan’s leading financial institutions. The bank’s strategic emphasis on technology, entrepreneurship, and innovation fuels its commitment to digital transformation. Bank al Etihad provides a comprehensive suite of products and services, aiming to empower customers through technology and enable banking on their own terms, anytime, anywhere.
NetGuardians’ fraud prevention solution will help Bank al Etihad protect its customers’ assets in real time as financial scams continue to evolve. Notably, the solution proved effective against Authorized Push Payment Fraud (APP), a common scam that accounted for 94% of fraudulent transactions detected by NetGuardians within the last year.
Both companies have expressed their enthusiasm for the collaboration. Jonathan Somers, Regional Sales Director MEA at NetGuardians, highlighted the firm’s experience in working with banks across the region and expressed confidence in the efficacy of their payment fraud solution. Zeina Asfour, Director of Operations Risk at Bank Al Etihad, commended NetGuardians’ AI-based fraud protection solution, asserting its alignment with the bank’s forward-thinking ethos and commitment to improving customer service delivery.
Jonathan Somers, Regional Sales Director MEA at NetGuardians said, “With our existing experience of working with banks across the region, we are delighted to be partnering with Jordan’s Bank al Etihad.
“Our payment fraud solution is perfect for a bank that places as much emphasis on customer care as Bank al Etihad does. With NetGuardians alongside, Bank al Etihad clients can have confidence that their assets will always be protected in real time, even as financial scams evolve.”
Zeina Asfour, Director of Operations Risk at Bank Al Etihad, said, “The NetGuardians AI-based fraud protection solution is an obvious choice for Bank al Etihad. As a forward-thinking financial institution, we are constantly on the lookout for new and innovative ways to improve the delivery of our products and services to our customer community.
“Employing AI and machine learning to monitor payment transactions in real time, improving detection and minimizing customer experience friction was an easy decision.”
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