NetGuardians signs fintech deal with Keystone Bank
Nigeria-based Keystone Bank has selected the FraudGuardian solution from NetGuardians for protection from online banking fraud.
Central Bank of Nigeria (CBN), the country’s central bank and regulator, has recently published a new directive that requires financial institutions to automatically report suspicious events to the Nigeria Inter-Bank Settlement System (NIBSS) through an enterprise fraud management system. CBN has recommended FraudGuardian as an optimal solution for this task.
Femi Aderibigbe, Keystone’s CIO, notes that whilst the CBN’s recommendation was an important consideration, it was NetGuardians’ “innovative approach to fraud prevention and system features” that swayed the decision in favour of the Swiss fintech vendor.
NetGuardians says it uses “a patented big data model to correlate and analyse behaviours across the entire bank system including e-banking, service channels, IT systems and financial transactions”.
The implementation will be carried out by Inlaks Computers, NetGuardians’ local partner.