The Commercial Bank of Ethiopia (CBE) has launched a new technology that protects its customers’ data from internal fraud. The two systems the bank launched – NetGuards and TeamMata – have been installed by SOFGEN, the global technology consulting specialized in banking solution, which is subsidiary of TechMahindra.
“We are launching an important groundbreaking project for CBE,” said Adam Nyaga, the Vice President of SOFGEN East Africa, indicating that the project started last April.
“NetGuardians and TeamMate systems are designed on the recognition that human behavior is untrustworthy and can lead to dishonest transactions. The systems thus uses smart behavior analytics based on policy rules and predictive analytics. With big data to correlate actions from across the different bank systems, it can identify potential fraud before it happens. It tracks and audits all activities continuously, in real time and instantly alerts risk managers to any deviations,” he added as he launched the system at the Sheraton Addis early this week.
CBE is the largest bank in Ethiopia and serves a wide range number of customers.