The installation of the intelligent behavioural alerting software from the Swiss-based software firm will enable continual analysis of activities and transactions and makes the bank the first institution to deploy the NG|Screener software in the region.
According to CBA’a head of technology, Moses Abwoga, the investment will ensure safer and secure transactions for all its clients.
“As the threat posed by fraudsters increases, we at CBA continue to invest in solutions that ensure all financial transactions made by our customers are safe and secure,” said Abwoga.
“By partnering with NetGuardians, we have been able to enhance our information monitoring capabilities to raise proactive alerts and reports depending on critical triggers.”
The development comes after an economic crime survey by PWC revealed that Kenyan banks had lost KSh1.7 billion (US$19 million) to fraud in the last quarter of 2010 more than double the amount in the first six months of 2010.
According to founder and CEO of NetGuardians, Joel Winteregg, their solution will effectively control data leaks and alerts related to fraud.
“The software is packaged for the banking sector and can also be easily configured for any field of activity,” Winteregg said.
“Based on detailed behavioural analyses, the NG|Screener filters the bank‘s data and sends out alerts whenever potential risks are spotted. With these alerts and regular reporting, the bank is protected from fraud and data theft while operations run smoothly thereby ensuring compliance with business standards.”
The investment comes at a time when the bank, which has partnered with mobile money giant Safaricom in loaning and accepting deposits with the M-Shwari platform, has seen increased growth in both reserves and its client base following the partnership.