National Bank of Malawi chooses fintech firm NetGuardians for fraud prevention

Swiss-based fintech company NetGuardians announced that it has been selected by National Bank of Malawi to further enhance the mitigation of fraud risk and protect customers’ data.

In order to achieve this, the National Bank is working on to implement a proactive risk mitigation approach and enabling the bank to undergo a core banking upgrade process, thereby further improving internal control strategy.  By selecting NetGuardians’ enterprise software platform solution – FraudGuardian – the bank will constantly audit all banking system and prevent fraud in a proactive manner.

“We have looked for a solution that continuously audits all banking systems, and particularly mitigate risks related to data migration, back-end changes, and rogue administrators. NetGuardians’ solution was not only able to offer us a robust fraud risk mitigation with its out-of-the-box automated controls, but that is also designed specifically for rapid, efficient integration into our core banking system,” Charles Ulaya, Chief Risk Officer of National Bank of Malawi, said.

The process of fraud prevention involves the implementation of specific controls against few sophisticated and evolving fraud patterns. NetGuardians’ FraudGuardian solution is based on NG|Screener, which is smart behavioral analysis software based on policy rules, profiling, and predictive analysis. The company provides reliability of expertise in fraud solutions that are customized for banks.

FraudGuardian identifies potential fraud before it happens with big data to correlate human behavior and financial transactions across the entire banking system. It also tracks and audits all activities continuously, in real time, and instantly alerts risk managers to any deviations.

“We are pleased to be working with National Bank of Malawi. We recognize their commitment to further strengthen fraud risk mitigation,” Joel Winteregg, CEO of NetGuardians stated. “We are confident that our FraudGuardian solution is ideally suited to National Bank of Malawi and it provides the bank with most innovative technology to meet their most serious challenges”.