Keystone Bank Deploys NetGuardians to Protect Against e-Banking Fraud | The Guardian Nigeria News


Keystone Bank Limited of Nigeria has adopted NetGuardians, Switzerland’s leader in FinTech, for real-time protection against eBanking fraud.

This decision helps ensure compliance with the risk office directive recently issued by the Central Bank of Nigeria (CBN).

The CBN Directive requires financial institutions to respond effectively to customer fraud reports. Banks should automatically report suspicious events to the Nigeria Inter-Bank Settlement System (NIBSS) through a corporate fraud management system – the NetGuardians solution, FraudGuardian, is specifically recommended for this by the CBN.

“CBN’s recommendation naturally gave confidence in the NetGuardians solution,” said Femi Aderibigbe, IT Director of Keystone Bank. “However, it was their innovative approach to fraud prevention and system functionality that convinced us that NetGuardians was the solution that would ensure the protection of our customers from online fraudsters,” explained Aderibigbe.

FraudGuardian uses a patented Big Data model to correlate and analyze behaviors across the banking system, including eBanking, service channels, IT systems, and financial transactions. Its advanced analysis capabilities are complemented by a library of controls, developed exclusively for the banking sector.

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

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