Technology

Network International (Network), a leading enabler of digital commerce across the Middle East and Africa (MEA) region, has launched a series of roadshows across the GCC and Africa to promote fraud resilience. The initiative kicked off with the Fraud Resilience Forum in Bahrain on June 10th, hosted in collaboration with BENEFIT, Bahrain's leading fintech and electronic financial transactions service provider. The event saw significant participation from banks and financial institutions in Bahrain.

Focus on Fraud Awareness and Prevention

The roadshows aim to help banks and financial institutions enhance their awareness and management of fraud and financial crime. Network International leverages its expertise in enterprise fraud prevention to demonstrate effective strategies through example cases. Utilizing advanced technologies such as analytics, artificial intelligence, and Customer 360° behavior profiling, Network's solutions detect transaction anomalies and prevent fraud, thereby bolstering financial security. These anti-fraud services are currently used by over 40 banks and financial institutions across the MEA region.

Insightful Discussions and Expert Contributions

The Bahrain forum featured speakers from the Ministry of Interior, Network International, BENEFIT, PwC, and Grant Thornton. They shared valuable insights on fraud resilience and security, discussed fraud trends and challenges, and explored solutions to enhance customer satisfaction and trust. Topics included the role of technology in real-time fraud prevention, cross-channel fraud resilience, and the impact of security measures on customer trust.

Comments from Key Stakeholders

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, expressed enthusiasm for the roadshow: "Hosting this event in Bahrain with BENEFIT underscores the importance of real-time fraud monitoring and prevention. These efforts reduce losses, boost customer confidence, and enhance the overall customer experience. With 30 years of expertise in the region, we are committed to sharing our knowledge and providing insights on fraud resilience in the evolving digital landscape across the GCC and Africa. Our strategy aims to solidify our leadership in innovative payment solutions in the region."

Nezar Maroof, Assistant General Manager of Marketing at BENEFIT, highlighted the significance of the forum: "Co-hosting the Fraud Resilience Forum with Network International aligns with our mission to strengthen Bahrain’s position as a regional financial hub, in line with the Economic Vision 2030. Effective fraud prevention measures are crucial for protecting user accounts and financial information, allowing consumers to navigate their payment journeys with confidence."

Alignment with National Efforts

The roadshow supports the Central Bank of Bahrain and the Ministry of Interior’s initiatives to raise awareness of fraud-related risks. This collaborative effort is a key step towards enhancing the security and resilience of the financial sector in Bahrain and beyond.

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