Zimbabwe-based Steward Bank has selected Swiss fintech firm NetGuardians’ anti-fraud solution to tackle financial crime and bolster its defences against cyber-fraud.

Steward Bank will integrate the NetGuardians’ anti-fraud solution into its core banking platform ‘T24’ from Temenos through preset connectors, reducing implementation time and cost.

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Steward Bank decided to deploy the new anti-fraud solution following the growth of its customers and transactions which reduced the bank’s capability to detect and block fraudulent attempts quickly.

Steward Bank CEO Lance Mambondiani said: “Digitisation opened up new channels for the bank and helped us grow.

“We needed a more effective and proactive system to monitor the subsequent increase in transactions and complexity of the bank to prevent fraud.

“We picked NetGuardians because it is a solution made specifically for banks and is proven to cut fraud across all channels.”

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The implementation of NetGuardians’ financial-crime solution will enable Steward Bank to monitor all transactions across its channels in real time including ebanking and mbanking.

Any transaction suspected to be fraudulent will be blocked immediately and an automatic notification would be sent to the appropriate staff to resolve the issue.

NetGuardians CEO Joël Winteregg said: “By signing up with NetGuardians, Steward Bank will not only benefit from our real-time fraud mitigation solution, but will also become part of the NetGuardians’ global community, sharing fraud mitigation best practice.

“Together, they put Steward Bank at the forefront of fraud prevention, helping to keep its customers’ balances safe and its reputation sound.”