Latest news with #anb
Yahoo
13-03-2025
- Business
- Yahoo
Arab National Bank deploys IBM platform to combat fraud
Arab National Bank (anb) has partnered with IBM and ejada to enhance its fraud protection measures, adopting IBM Safer Payments to provide cross-channel security for its customers. This move aligns with the Saudi Central Bank's (SAMA) requirements for improved enterprise-wide fraud monitoring. ejada Systems, an IT service provider in the Middle East and Africa, facilitated the integration of IBM Safer Payments across anb's digital platforms. This has enabled the bank to consolidate customer behaviour insights and bolster the effectiveness of its fraud protection strategies. IBM Safer Payments ensures that the bank's clients are protected from fraudulent activities without hindering legitimate transactions. The AI-driven system provides custom decision models for more accurate fraud detection, reducing reliance on vendors and data scientists. This agility is bolstered by analytics and simulation tools that allow anb to proactively adapt to emerging fraud risks. IBM Saudi Arabia general manager Fahad Alanazi said: 'At IBM, we believe in harnessing data intelligence and advanced technologies to drive profound impact on businesses and communities. 'As digital and cyber threats grow in an increasingly connected world, our collaboration with anb exemplifies our commitment to empowering organisations with secure, cutting-edge solutions.' The implementation of IBM Safer Payments at anb is a response to the escalating costs associated with data breaches in the Middle East, as reported by IBM's 2024 Cost of a Data Breach Report. The report highlights a 10% rise in breach costs, reaching an average of SAR32.8m ($8.7m). anb chief information officer Naif Al-Harbi said: 'Our customers' trust in us is key to our success. We put security front and center so our clients can rest assured that their money and personal information are well-protected. 'IBM Safer Payments allows us to protect our clients' financial and personal data in real-time while maintaining the quality of their experience.' Last month, Saudi Arabia-based Alinma Bank partnered with IBM to launch an API marketplace using the tech provider's0020hybrid cloud and AI integration. "Arab National Bank deploys IBM platform to combat fraud" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
11-03-2025
- Business
- Zawya
Anb leverages IBM's AI-powered solution for advanced payments fraud protection
Riyadh, Saudi Arabia: Arab National Bank (anb) has partnered with IBM and ejada to implement IBM Safer Payments to deliver cross-channel fraud protection capabilities to help safeguard and empower its customers, providing greater access to advanced, secure and innovative banking experiences. anb's adoption of IBM Safer Payments, an AI-driven solution for real-time performance monitoring and fraud prevention, aligns with Saudi Central Bank (SAMA) requirements to enhance enterprise-wide fraud monitoring. With the rise of digital banking, fraud risks have intensified. IBM's 2024 Cost of a Data Breach Report reveals that the average breach cost in the Middle East rose to SAR 32.8 million, a 10% increase from 2023. The energy sector faced the highest costs (SAR 36.9 million), followed by financial (SAR 35.81 million) and industrial sectors (SAR 34.52 million), emphasizing the critical need for robust fraud prevention anb's adoption of IBM Safer Payments ensure state-of-the-art security is in place. It represents a critical investment in safeguarding its clients from fraud while also ensuring their genuine transactions are not disrupted in error. IBM Safer Payments provides anb with custom, user-friendly decision models allowing the bank to detect and respond to fraud with greater speed and accuracy, all without vendor or data scientist dependencies. This flexibility is complemented by powerful analytics and simulation tools needed to continuously monitor business performance, enabling anb to stay ahead of evolving fraud threats. 'Our customers' trust in us is key to our success. We put security front and center so our clients can rest assured that their money and personal information are well-protected. IBM Safer Payments allows us to protect our clients' financial and personal data in real-time while maintaining the quality of their experience,' said Naif E. Al-Harbi, Chief Information Officer, anb. 'Everything we do to protect our customers from fraud and cybercrime also helps us support Saudi Arabia's reputation as a leading ecommerce and trading hub globally,' he added. 'At IBM, we believe in harnessing data intelligence and advanced technologies to drive profound impact on businesses and communities. As digital and cyber threats grow in an increasingly connected world, our collaboration with anb exemplifies our commitment to empowering organizations with secure, cutting-edge solutions,' said Fahad Alanazi, General Manager, IBM Saudi Arabia. 'By leveraging IBM Safer Payments, anb is strengthening customers' trust and providing enhanced security, value, and peace of mind to its clients.' 'At ejada, we are honored to have played a key role in delivering Safer Payments for anb in partnership with IBM. This project has transformed anb's fraud detection and prevention capabilities, the solution has improved customer satisfaction and operational efficiency. Through seamless implementation, we ensured integration across multiple digital channels, enabling anb to gain a unified view of customer behavior. This holistic approach has strengthened fraud defenses while enhancing customer experience. This reflects ejada's ongoing commitment to providing clients with advanced and reliable solutions." Said Mohamed Fouad Thabet, Chief Technology Officer, ejada Systems. These solutions were implemented by ejada Systems—one of the leading IT service providers in the Middle East and Africa—in a significant step towards enhancing anb's efficiency in fraud detection and prevention. Ejada has seamlessly integrated the new solution across the bank's various digital channels, enabling anb to gain a unified view of customer behavior and improve the effectiveness of its fraud protection measures, reflecting ejada's commitment to delivering advanced and reliable technology solutions. About anb Today, anb is one of the largest banks in the Middle East, with its headquarters in Riyadh and regional offices in Jeddah and Khobar. The Bank also extends its services internationally with a branch in London. As a universal commercial bank, anb serves a diverse customer base of over two million Corporate and Retail clients across Saudi Arabia, offering a wide range of banking solutions, including personal banking, business banking, investment products, and specialized services such as SME funding platforms and e-trade facilities. The Bank's extensive distribution network includes traditional branches and specialized TeleMoney remittance centers, ensuring accessibility across diverse customer segments. In alignment with Saudi Arabia's Vision 2030 and its commitment to innovation and digital transformation, anb has embraced cutting-edge technology to deliver a full suite of self-service financial solutions. The Bank's fully digital branches, state-of-the-art mobile banking app, and extensive network of ATMs, Cash Deposit Machines, and point-of-sale terminals reflect its dedication to enhancing customer convenience and accessibility. About IBM IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's legendary commitment to trust, transparency, responsibility, inclusivity and service. About ejada ejada is a leading IT services provider in the Middle East and Africa (MEA) region, enabling enterprises and public-sector organizations to maintain and increase their competitive edge through innovative IT solutions. Through our digital offerings we help our clients accelerate their digital transformation journey; and our business solutions and specialized products enable our clients to enhance the efficiency and effectiveness of their operations, expand their offerings, and meet local regulatory and compliance requirements.
