National Bank of Kuwait-Egypt selects NetGuardians to enhance internal control

27.01.2016 10:29

Fraud risk affects banks worldwide, with losses estimated at $67 billion globally in 2014. In the face of this, NBK-Egypt is implementing a proactive security strategy. They have now selected a solution from Yverdon-based NetGuardians to enforce their second line of defense with specific controls against some of the sophisticated, evolving fraud patterns.

“Our goal is to combine operational efficiency with enhanced protection of our customers’ interests through fraud mitigation,” explains Tarek Abuelnaga, COO of NBK–Egypt. “NetGuardians was not only able to offer us a strong solution directed straight at security and fraud, but one that is also designed specifically for rapid, efficient integration into our Temenos T24 core banking system. We are confident that it has exactly what we were looking for.”

NetGuardians offers the reliability of long expertise in fraud solutions especially for banks. Their FraudGuardian solution is based on a smart behavioral analysis software that uses policy rules and predictive analysis. The Software correlates human behavior and financial transactions across the core banking system, so it can identify possible breaches on timely manner.

FraudGuardian can flexibly be configured to target each bank’s specific needs. At NBK – Egypt, it controls for identified patterns with real-time continuous tracking and auditing of some activities, as well as instant alerts to any deviations for rapid intervention. It also helps ensure compliance through, among other things, operational controls and automated reports.

“We are confident that our FraudGuardian solution is ideally suited to NBK–Egypt,” says NetGuardians COO and Co-Founder Raffael Maio. “Implementation went very smoothly: in just few weeks we were able to ensure the controls they needed. We are very pleased that NBK–Egypt has put their faith in us.”


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