MCB Bank selects BPC to bolster digital security measures

credit: Suri_Studio/Shutterstock
credit: Suri_Studio/Shutterstock

Leading Pakistan bank MCB Bank has selected BPC to help strengthen its digital channel security by integrating the latter’s SmartVista Fraud Risk Management solution. 

The State Bank of Pakistan’s 2023 Directive mandates that all banks must ensure that the security of its digital banking products and services is enhanced to meet the customer demands of enhanced protection from fraud and scams. 

The Directive also mandates the implementation of a consolidated and centralised fraud management system capable of real-time fraud prevention using AI-based machine learning models. 

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 continue to enjoy a secure and seamless banking experience as we drive innovation in the financial sector.”

The SmartVista Fraud Risk Management Solution is a next-generation AI-powered solution that will provide MCB with a suite of 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 link analysis examines relationships between transactions, accounts, and entities to uncover complex fraud networks and behavioral 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. 

Furrukh Ali Baig, Managing Director Pakistan at BPC, added: ” We are honored 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 machine learning technologies, we are confident that MCB will be well-equipped to protect their 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.”