MCB Bank has teamed up with BPC to implement the SmartVista AI-driven fraud management solution, strengthening digital banking security.
Strategic partnership with BPC boosts digital banking security.
Supporting State Bank of Pakistan's mandate for stronger digital security.
AI and ML technology to detect real-time fraud threats.
MCB Bank, a leading financial institution in Pakistan, has strengthened its commitment to securing its digital channels through a strategic partnership with BPC, a global leader in digital payment solutions.
This collaboration focuses on implementing the cutting-edge SmartVista fraud risk management solution, powered by artificial intelligence (AI) and machine learning (ML), to safeguard customers against emerging digital fraud threats.
Supporting SBP’s digital security mandate
The partnership follows a 2023 directive from the State Bank of Pakistan (SBP), which requires all banks to improve digital banking security. This directive mandates the implementation of a unified, centralised fraud management system capable of detecting and preventing most fraud in real time. The SmartVista solution, with its AI and ML capabilities, meets these regulatory requirements by improving the identification, prevention, and investigation of fraudulent activities.
SmartVista's AI system detects and prevents emerging fraud risks
SmartVista’s AI-driven fraud technology is central to this collaboration. The system detects fraud through real-time analyses of transactions, alerting MCB Bank to respond immediately to suspicious activities. By monitoring patterns and relationships among transactions, accounts and entities, SmartVista can identify complex fraud networks that traditional methods might miss.
A key advantage of SmartVista is its ability to link transaction analysis with fraud detection. By studying statistical profiles and behavioural patterns, the system can block emerging fraud schemes, helping MCB stay several steps ahead of fraudsters.
By using AI and ML, MCB Bank adopts a more preventive approach to fraud detection, reducing the likelihood of fraud occurring. SmartVista enables the bank to identify and stop new threats proactively in real time, strengthening customer security.
Real-time fraud detection enhances the security of customer transactions
This partnership goes beyond upgrading security technology—it underscores MCB Bank’s commitment to protecting customer data. Shoaib Mumtaz, president and CEO of MCB Bank, stated, "At MCB Bank, customer and financial data protection has always been and remains our highest priority." The integration of SmartVista enhances digital safety, providing customers with a secure and seamless experience across mobile banking, online banking and ATMs.
Fostering innovation and meeting regulatory needs
Collaboration is driven by a shared commitment to innovation and security. Furrukh Ali Baig, managing director for Pakistan at BPC, explained that the partnership would help MCB Bank stay ahead of emerging digital fraud threats. "We are privileged to bring MCB onboard in its endeavour to fortify fraud prevention," said Baig. "Our SmartVista Enterprise Fraud Management solution has been engineered to meet the emerging challenges of digital fraud." He expressed confidence that the bank would be well-prepared to defend against evolving fraud risks using AI and ML capabilities.
This partnership not only addresses current fraud prevention challenges but also sets the stage for further digital innovation in Pakistan’s banking sector. As digital banking evolves, so too does the need for adaptive, intelligent fraud prevention solutions that can combat increasingly sophisticated cyber threats.