MCB or MCB Bank Limited is a major financial institution in Pakistan that now has paired up with BPC, a global frontrunner in payment solutions to boost the security of its digital platforms by implementing BPC SmartVisa Fraud Risk Management Solution.
Mr Farukh Ali Baig, Managing Director of BPC in Pakistan finalised the agreement along with Mr Waqas Mahmood, Chief Compliance Officer of MCB and other senior executives from both organisations in attendance.
The directive issued in 2023 by the State Bank of Pakistan required all banks to improve the security of their digital banking offerings by establishing a centralized fraud management system which is capable enough to prevent real-time fraud using AI-driven machine learning models.
In accordance with this directive, MCB has reiterated its dedication to offering innovative financial services along with maintaining the highest security standards for its clientele by adopting SmartVisa Fraud Risk Management Solution.
The SmartVisa Fraud Risk Management Solution is a cutting-edge solution as the AI-enhanced system will equip MCB with a range of advanced functionalities to strengthen its fraud prevention efforts.
This solution facilitates real-time monitoring and offers a detailed view of customer transactions on various channels that allow immediate detection and response to suspicious activities.
The advanced link analysis capabilities inspect the relationship among transactions, entities and accounts to reveal complex fraud networks and behavioural patterns which conventional detection techniques may not identify.
This system strengthens MCB to monitor fraud based on established rules and statistical profits of customers. By utilising AL/ML-driven models MCB is now in a position to effectively encounter new and evolving threats.
President and CEO of MCB Bank, Mr Shoaib Mumtaz, in a statement, said that the top priority of the MCB Bank has always been the security of the customers and their financial information with the bank, he further added that it will always remain to be the utmost priority of the bank and adoption of SmartVisa has further strengthened digital safety.
Tech Journalist
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