MCB Bank, one of Pakistan's leading banks, has selected BPC to strengthen the security of its digital channels by implementing the BPC SmartVista Fraud Risk Management solution.

The agreement was signed by Waqas Mahmood, chief compliance officer of MCB, and Furrukh Ali Baig, managing director of Pakistan at BPC in the presence of senior leadership from both organisations.

The State Bank of Pakistan's 2023 directive for all banks to enhance the security of digital banking products and services mandates the implementation of a consolidated, centralised fraud management system capable of real-time fraud prevention using artificial intelligence (AI)-based machine learning (ML) models. MCB has reaffirmed its commitment to delivering innovative financial solutions while upholding the highest standards of security for its customers through the implementation of the SmartVista Fraud Risk Management solution.

SmartVista Fraud Risk Management Solution is a next-generation AI-powered solution that will provide MCB with advanced features to bolster its fraud prevention capabilities. The solution offers real-time monitoring and a comprehensive view of customer transactions across all channels, enabling the customer to detect and respond to suspicious activities instantly. Its sophisticated link analysis examines relationships between transactions, accounts, and entities to uncover complex fraud networks and behavioural patterns that might evade traditional detection methods. The system allows customers to track fraud based on rules and the statistical profile of customers leveraging AI/ML-powered models, allowing the customer to adapt to emerging fraud patterns continuously and allowing MCB to stay way ahead of new and evolving threats.

Shoaib Mumtaz, president and CEO of MCB Bank said, "At MCB Bank, the security of our customers and their financial data has always been and will remain our highest priority. With the adoption of the SmartVista Fraud Management solution, we are further strengthening the digital safety of our valued customers while proactively enhancing our digital banking infrastructure. This state-of-the-art technology will enable us to detect and prevent fraud in real-time, ensuring that our customers enjoy a secure and seamless banking experience as we drive innovation in the financial sector."

Baig said, "We are honoured to onboard MCB in their mission to strengthen fraud prevention measures. Our SmartVista Enterprise Fraud Management solution is designed to meet the evolving challenges of digital fraud. By leveraging advanced AI and ML technologies, we are confident that MCB will be well-equipped to protect its customers and stay ahead of emerging fraud threats. At BPC, we are committed to supporting innovation and aligning with MCB's goals. Our next-generation SmartVista platform provides the right tools to drive innovation and deliver secure digital payment experiences."

Re-disseminated by The Asian Banker