Worldwide, fraud is a growing concern for banks, causing great losses both in terms of customer trust and money. In 2014, the report of the Association of Certified Fraud Examiners estimated banking fraud costs USD 67 billion globally.
Kenya has recently seen such devastating effects of fraud, notably in the cases of two major banks placed under receivership by the Central Bank of Kenya (CBK): Dubai Bank, which was closed in August, and Imperial Bank, closed in October 2015.
NetGuardians’ FraudGuardian solution is based on NG|ScreenerZ, a smart behavioural analysis software based on policy rules and predictive analysis. With Big Data to correlate human behaviour and financial transactions across entire banking system, it can identify potential fraud before it happens. It tracks and audits all activities continuously, in real time, and instantly alerts risk managers to any deviations.
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