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.
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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.
