MCB partners with BPC to strengthen digital security

LAHORE: MCB Bank Limited (MCB) has joined hands with BPC, a global leader in payment solutions, to enhance the security of its digital channels through the implementation of the BPC SmartVista Fraud Risk Management Solution.

The agreement was signed by Waqas Mahmood, chief compliance officer of MCB, and Furrukh Ali Baig, managing director Pakistan at BPC, in the presence of senior leadership from both organisations. This partnership aligns with the State Bank of Pakistan’s 2023 directive requiring all banks to strengthen the security of digital banking products and services. The directive mandates the implementation of a consolidated, centralised fraud management system capable of real-time fraud prevention using AI-driven machine learning models. With this initiative, MCB has reiterated its commitment to providing innovative financial solutions while maintaining the highest security standards for its customers.

The SmartVista Fraud Risk Management Solution is a next-generation AI-powered system offering a suite of advanced features to bolster MCB’s fraud prevention capabilities. It provides real-time monitoring and a comprehensive view of customer transactions across all channels, enabling instant detection and response to suspicious activities.

The solution uses sophisticated link analysis to examine relationships between transactions, accounts, and entities, uncovering complex fraud networks and behavioural patterns that might evade traditional detection methods. By leveraging AI and machine learning, the system continuously adapts to emerging fraud patterns, allowing MCB to stay ahead of evolving threats.

Shoaib Mumtaz, president and CEO of MCB Bank, highlighted the bank’s focus on customer security: “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.”

Furrukh Ali Baig discussed the significance of the partnership: “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.”