Commercial Bank of Africa (CBA) has taken the fight against bank fraud a notch higher by acquiring NetGuardians’ IT solution – NG|Screener. CBA becomes the first bank in East Africa to deploy artificial intelligence technology for monitoring occurrences of atypical activities. This comes at a time when banks are facing loses that run into millions of shillings from insider fraudsters. Early this week three employees of a local bank were charged with theft of Shs. 328 million, a charge that they denied. The NG|Screener is an intelligent behavioral alerting solution which continuously monitors and analyzes banking activities and transactions that is designed to curb similar insider perpetrated fraud schemes.
NG|Screener works by studying daily banking routines and memorizes the routines as normal. According to Netguardians website, NG|Screener interacts with hundreds of other applications and IT infrastructures in the banking system that are subject to human inputs. The NG|Screener package watches over every one of those points of entry. Its intelligent behavioral analysis gives operational risk control and comprehensive compliance management. When atypical activity is detected, NG|Screener will send out alerts in real time. The alerts are generated based on analyzed behavioural activities and spotted potential risks. The alerts and regular reporting protects the bank from potential fraud hence normal operations that meet business standards is assured. The software is available for the banking sector but other sectors can get it re-configured to suit their unique operational needs.
“NG|Screener will enhance our information monitoring capabilities to raise proactive alerts and reports depending on critical triggers,” said Moses Abwoga, CBA’s Head of Information Technology. Also present during the acquisition was Mr. Joël Winteregg, founder and CEO of NetGuardians who said that “information system is subjected to thousands of threats – fraud, data theft, information leaks, and more. In today’s world, where the risks of malicious activity are multiplying, NG|Screener is your greatest ally,”.
Netguardian is a Swiss-based IT solution company that has taken the lead in developing revolutionary software solutions to control all operational risks from business operations to IT. Founded in 2007, NetGuardians was the first company to emerge from the innovation incubator of the HEIG-VD Business School and Engineering Vaud, in Yverdon-les-Bains, Switzerland. Since then, the company has seen a steadily growing clientele in Europe, the Middle East and Africa. More information about the NG|Screener for Temenos T24 can be found here.
CBA being the largest privately owned bank with presence in Kenya and Tanzania has the focus on innovative financial solutions targeted at the Small and Medium Business segment.
CBA’s efforts and resources are channeled towards providing a comfortable, elegant and secure banking environment for SMEs, corporate clients, institutional clients, foreign missions, NGOs, and personal banking. The bank offers a wide range of products and services through branch network and electronic channels such as internet banking and mobile banking.