By: 3 August 2023

Established in 1978, Bank al Etihad offers personal, business, and digital banking

Bank al Etihad bolsters its security with NetGuardians

Jordan-based Bank al Ethiad has chosen NetGuardians for its payment fraud prevention solution.  

NetGuardians, headquartered in Switzerland, offers financial fraud and anti-money laundering solutions, which currently protects more than US$7t in assets at banks around the world. 

Its software monitors all transactions and provides a risk score by assessing them against the usual customer profile. This reduces false positives, improves detection and lowers operational costs, the fintech said.  

Established in 1978, Bank al Etihad offers personal, business, and digital banking. The group is made up of several entities, including a financial brokerage and a financial leasing company. The bank also holds a 10% ownership stake in the National Bank of Palestine. 

Of the fraudulent transactions NetGuardians detected within the last year, 94% were related to authorised push payment fraud. The average value of these malicious requests is $9,000, while $500,000 was the largest.  

Zeina Asfour, director of operations risk at Bank al Etihad, said the partnership was an “obvious choice”.

She added: “As a forward-thinking financial institution, we are constantly on the lookout for new and innovative ways to improve the delivery of our products and services to our customer community. 

“Employing AI and machine learning to monitor payment transactions in real-time, improving detection and minimising customer experience friction was an easy decision.” 

Jonathan Somers, regional sales director of the Middle East and Africa at NetGuardians, commented: “With our existing experience of working with banks across the region, we are delighted to be partnering with Bank al Etihad.  

“With NetGuardians, Bank al Etihad clients can have confidence that their assets will always be protected in real time, even as financial scams evolve.”   

Image: Canva  

Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.