Keystone Bank selects fintech firm NetGuardians for protection against e-banking fraud

Nigeria-based Keystone Bank has chosen Swiss-based fintech firm NetGuardians for real-time protection from online banking fraud ensuring Central Bank of Nigeria (CBN), the country’s central bank and regulator’s recent published risk desk directive.

CBN published a new directive, which needs financial institutions to report any suspicious events to the Nigeria Inter-Bank Settlement System (NIBSS) automatically via an enterprise fraud system. The NetGuardian’s solution ‘FraudGuardian’ is specifically recommended for this by the CBN, the release stated.

“The CBN recommendation naturally gave confidence in the NetGuardians solution. However, it was their innovative approach to fraud prevention and system features which convinced us that NetGuardians was the solution that would ensure our customers’ protection from online fraudsters”, Femi Aderibigbe, Keystone Bank CIO, stated.

The fintech deal will utilize FraudGuardian, which uses a patented Big Data model in order to associate and analyze behaviors across the entire bank system including eBanking, service channels, IT systems, and financial transactions. The advanced analytics of FraudGuardian are matched by a library of controls, developed exclusively for the Banking sector. Inlaks Computers, NetGuardians’ local implementation partner will implement the FraudGuardian solution.​

“Keystone Bank is a technology savvy, service-driven institution, and eBanking is a key part of their operations. We are very pleased that our solution meets their high expectations and that we can support their security initiatives,” Joël Winteregg, NetGuardians CEO, said.