In an attempt to safeguard the customers of its new digital bank, Al Rajhi Bank Malaysia (ARBM) is to adopt the cybersecurity of the risk-ops platform Feedzai.
The integration of the risk-ops platform will help the digital bank to meet various security demands throughout its operations.
The cloud-based offering incorporates device authentication, malware defence, behavioural biometrics and a full suite of integrated fraud and anti-money laundering (AML) solutions from customer due diligence to watchlist screening and transaction monitoring.
Feedzai also runs various fraud detection scenarios, which will work to help the bank identify gaps in its security measures before the fraudsters do; with scenarios covering common scams and account takeovers.
The digital bank, which came into being in 2021, is differentiated by “its high levels of innovation, customer-centricity and reliability,” an official statement read.
Identifying the platform as a “stand-out provider,” the bank’s CEO, Arsalaan Ahmed, comments that the partnership will “[keep] our customers safe and secure in an ever-evolving financial crime landscape,” adding that the partnership “is in line with our commitment to innovation and re-imagining the 21st-century banking experience.”
Feedzai orientates itself as a financial risk management platform, which actively seeks to address the various issues that may crop up when running a digital bank. These include the management of both identity and real-time data, as well as addressing the efficiency of the customer life cycle.
“By selecting a single, scalable solution…Al Rajhi Bank Malaysia will ensure its customers are well protected against financial crimes such as money laundering or scams which ultimately erode consumer trust in the financial system,” comments Feedzai CEO Nuno Sebastião.
“Our unified risk-ops platform will ensure that their teams have a single platform to handle everything fraud and financial crime-related,” he continues.
Feedzai is continuing to strengthen its presence and team in the region and recently announced Cormac Sheedy as the new general manager for the Middle East and Africa (MEA). Sheedy has over 25 years of experience as a sales director at the crossroads between financial services and technology. He joins Feedzai from Irish regulation technology firm Fenergo, where he was head of MENA sales.