To enhance the security of digital banking products and services, the State Bank of Pakistan's 2023 directive mandates all banks to implement a consolidated and centralized fraud management system capable of real-time fraud prevention using AI-based machine learning models.
Pakistan's MCB Bank Limited (MCB) is partnering with BPC to implement the SmartVista Fraud Risk Management Solution.
In emphasising the importance of this initiative, 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.” He highlighted that the SmartVista solution will not only enhance security but also ensure a seamless banking experience for customers.
The AI-driven technology provides real-time monitoring and a comprehensive overview of transactions, enabling MCB to swiftly identify and respond to suspicious activities.
Furrukh Ali Baig, managing director Pakistan at BPC underscored the significance of leveraging AI and machine learning to combat the evolving challenges of digital fraud, asserting that the SmartVista platform equips MCB with the necessary tools to protect its customers.
For Chief Information Security Officers (CISOs), the integration of cutting-edge fraud management systems not only enhances customer trust but also fortifies the bank’s reputation in an era where digital threats are increasingly sophisticated. MCB’s proactive approach sets a benchmark for other financial institutions aiming to safeguard their digital infrastructures.