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National Bank of Kuwait in Egypt live with Netguardians fraud detection solution

NBK Egypt joined the NBK Group in 2007

NBK Egypt joined the NBK Group in 2007

National Bank of Kuwait (NBK) in Egypt has implemented Swiss vendor Netguardians’ anti-fraud solution Fraudguardians.

Selecting a platform that could enhance protection and efficiency, as well as integrate with the bank’s Temenos T24 core banking system was crucial, says Tarek Abuelnaga, COO of NBK Egypt. Netguardians is a Temenos partner and offers a relatively pre-packaged solution for the T24 core banking system.

Fraudguardians will be used at NBK Egypt to identify patterns, audit activities and ensure compliance for automated reports. The implementation of the system, states Netguardians COO Raffael Maio, took just a few weeks.

NBK Egypt is a subsidiary of the NBK Group, having joined it in 2007 following an acquisition of Alwatany Bank of Egypt.

Fraudsters in fintech

The US is switching over to a new card standard, chip-enabled EMV cards, to tackle its growing fraud problem.

This isn’t particularly good news for US retailers, though, who have struggled to prepare for the switch. According to a survey conducted by business consultancy Strawhecker Group of 62 payment providers, covering a quarter of the US market, only 27% of merchants in US are ready.

DBS is undergoing an upgrade of its AML and fraud management platforms with NICE Actimize, its long-standing provider. The software has been at use at the bank since 2007.

Payments company SIA has signed an agreement with Inform to integrate the latter’s Riskshield fraud detection platform into its acquiring infrastructure.

By Alex Hamilton

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