Leading financial institution Bank of New Zealand (BNZ) has signed a multi-million dollar deal with IBM that will provide cross-channel fraud prevention to its customers.
According to BNZ, many conveniences that customers enjoy as a result of modern banking carry an increased risk of fraud. It pointed out statistics from The Nilsen Report, which show global card fraud losses are on the rise—from 2016 to 2025, they are projected to nearly double, climbing from US$22.8 billion to nearly $50 billion.
BNZ has selected IBM Safer Payments, a transaction monitoring solution that uses machine learning and artificial intelligence, to analyse behaviour and fraud patterns, build and adapt models of emerging fraud threats, and recommend countermeasure responses.
“We are ruthlessly vigilant in protecting our customers’ trust in us, and we put security front and centre so they can be sure their money and personal information is well-protected,” BNZ chief safety and security officer Owen Loeffellechner. “Everything we do to protect our customers from fraud and cybercrime also helps us contribute to upholding New Zealand’s excellent e-commerce and trading reputation globally.”
The implementation of the Safer Payments system is already underway and will be enjoyed by BNZ customers in the coming weeks.