Riyadh: Arab National Bank (ANB) has partnered with IBM and ejada to enhance its fraud protection capabilities by implementing IBM Safer Payments, an AI-driven solution for real-time fraud detection and prevention.
The adoption of IBM Safer Payments aligns with Saudi Central Bank (SAMA) guidelines to strengthen enterprise-wide fraud monitoring. As digital banking expands, fraud risks have increased, with IBM’s 2024 Cost of a Data Breach Report revealing a 10% rise in breach costs in the Middle East, reaching SAR 32.8 million. ANB’s deployment of the AI-powered solution ensures enhanced security while maintaining seamless transactions for customers.
IBM Safer Payments enables anb to detect and respond to fraud with greater accuracy through custom decision models, eliminating reliance on external vendors or data scientists. The solution includes advanced analytics and simulation tools for continuous performance monitoring, helping the bank stay ahead of emerging fraud threats.
Naif E. Al-Harbi, Chief Information Officer at ANB, emphasized the bank’s commitment to security, stating, "IBM Safer Payments allows us to protect our clients’ financial and personal data in real time while ensuring a seamless banking experience."
Fahad Alanazi, General Manager of IBM Saudi Arabia, highlighted the importance of advanced fraud prevention, saying, "Our collaboration with ANB demonstrates our dedication to providing secure, AI-powered solutions that enhance customer trust and cybersecurity resilience."
Ejada Systems, a leading IT service provider in the Middle East and Africa, played a key role in integrating IBM Safer Payments across ANB’s digital channels. Mohamed Fouad Thabet, Chief Technology Officer at ejada, noted that the solution has improved fraud detection, operational efficiency, and customer satisfaction by providing a unified view of customer behavior.
