Nigeria’s Keystone Bank has chosen Swiss fintech firm NetGuardians to offer real-time protection against online banking fraud.

The bank will use NetGuardians’ FraudGuardian solution that leverages a patented big data model to assess behaviours across the bank system including e-banking, service channels, IT systems, as well as financial transactions.

The solution will be implemented by NetGuardians’ local implementation partner Inlaks Computers.?

The technology vendor said that the move will allow the bank adhere to the Central Bank of Nigeria’s new risk directive that requires financial providers to automatically report suspicious events to the Nigeria Inter-Bank Settlement System through an enterprise fraud management system.

NetGuardians said that its FraudGuardian solution is recommended by the central bank as the ideal solution for this purpose.   

Keystone Bank CIO Femi Aderibigbe said: “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.”