back Back

ADCB-Egypt launches AI-powered fraud detection solution through SAS

By Edlyn Cardoza

November 16, 2021

  • ADCB-Egypt
  • Central Bank of Egypt
  • Digital Attacks
Share

ADCB-Egypt, SAS, Fraud management, EgyptADCB-Egypt, in collaboration with SAS, The Leader in Analytics, have announced their partnership for the implementation of Egypt’s first AI-powered fraud detection solution aimed at enhancing the bank’s real time fraud prevention capabilities. The project which was deployed in record-time exemplifies both entities’ commitment to the country’s security-first approach concerning its rapidly progressing digital transformation journey.

The successful rollout makes ADCB-Egypt the first bank across the country to adopt an innovative and AI-driven fraud detection capability powered by SAS’ Fraud Management Solutions. The partnership will enable the Bank to monitor multiple channels such as Internet banking, mobile banking, Interactive Voice Response (IVR), and cards transactions. The introduction of an AI-driven solution with embedded analytics amplifies the bank’s ability to review suspicious activities and detect malicious activities in real-time. In addition, the solution will ensure that the financial institution has access to a self-service on configuring new rules and simulations making them more agile to keep up with regulations issued by the Central Bank of Egypt (CBE) and changing market conditions.

Commenting on the partnership, Ihab ElSewerky – Managing Director & CEO at ADCB-Egypt said “In line with our digital transformation strategy and commitment to being at the forefront of innovation, our collaboration with SAS ensures that our key pillars are met, by creating a seamless and secure financial ecosystem for our customers. The AI-powered solution offers our stakeholders such an advanced technology for fraud detection and prevention across our various banking channels. Through our strategic partner SAS, we are able to deliver on our promise to continuously innovate and re-imagine the digital landscape of banking sector in the country.”

“Capitalizing on our ongoing partnership with ADCB-Egypt, we effectively bolster their fraud prevention capabilities by leveraging our AI and Analytics solutions, helping the bank predict behavioral patterns, safeguarding customers, and efficiently managing risk. The scalable solution is aligned with the Bank’s agenda to further expand within the region and importantly strengthen their customers’ trust by protecting all touchpoints. ADCB-Egypt has constantly proven that they are a pioneer financial organisation that implements ground-breaking solutions that meet the increasing demand for e-banking. We, at SAS, are proud to be part of the bank’s successful journey and to be able to ensure that it is secure one,” said Samer Naguib, Country Manager, Egypt at SAS.

SAS has a track-record in providing customers and financial institutions across the region access to AI-generated prevention strategies in a matter of minutes, ensuring that their banking journey is more secure. Their solutions help sift through large volumes of transactions and multiple risks by adding numerous scenarios to reduce the overall false positives for enterprise and cross channel fraud prevention.

Previous Article

November 16, 2021

Pakistan’s financial wellness platform Abhi raises funds

Read More
Next Article

November 16, 2021

Parfin and Sepior Partner to bring Digital Asset Custody Solutions to Latin America, North America and Europe

Read More






IBSi Daily News Analysis

Data privacy

June 19, 2024

ADCB-Egypt

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Xcelerate acquires an equity stake in Gieom, a financial service compliance provider

Read More

June 18, 2024

Finbourne Technology raises $55m to drive global expansion

Read More

June 18, 2024

GreyLabs AI raises over $1.5m in Seed round led by Matrix Partners India

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023