ADCB-Egypt partners with SAS to implement Egypt’s first AI-powered fraud detection solution

ADCB-Egypt, in collaboration with SAS have announced their partnership for the implementation of Egypt’s first AI-powered fraud detection solution aimed at enhancing the bank’s real time fraud prevention capabilities. The project which was deployed in record-time exemplifies both entities’ commitment to the country’s security-first approach concerning its rapidly progressing digital transformation journey.

The successful rollout makes ADCB-Egypt the first bank across the country to adopt an innovative and AI-driven fraud detection capability powered by SAS’ Fraud Management Solutions. The partnership will enable the Bank to monitor multiple channels such as Internet banking, mobile banking, Interactive Voice Response (IVR), and cards transactions. The introduction of an AI-driven solution with embedded analytics amplifies the bank’s ability to review suspicious activities and detect malicious activities in real-time. In addition, the solution will ensure that the financial institution has access to a self-service on configuring new rules and simulations making them more agile to keep up with regulations issued by the Central Bank of Egypt (CBE) and changing market conditions.

Commenting on the partnership, Ihab ElSewerky – Managing Director & CEO at ADCB-Egypt said “In line with our digital transformation strategy and commitment to being at the forefront of innovation, our collaboration with SAS ensures that our key pillars are met, by creating a seamless and secure financial ecosystem for our customers. The AI-powered solution offers our stakeholders such an advanced technology for fraud detection and prevention across our various banking channels. Through our strategic partner SAS, we are able to deliver on our promise to continuously innovate and re-imagine the digital landscape of banking sector in the country.”

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