MCB Bank partners with BPC to strengthen digital security with AI-powered SmartVista Fraud Risk Management solution

MCB Bank Limited (MCB), one of Pakistan’s leading banks, has selected BPC, a global leader in payment solutions, to strengthen the security of its digital channels by implementing the BPC SmartVista Fraud Risk Management Solution. 

The agreement was signed by Mr. Waqas Mahmood, Chief Compliance Officer MCB, and Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC in the presence of senior leadership from both organizations.

In accordance with the State Bank of Pakistan’s 2023 directive for all banks to enhance the security of digital banking products and services—which mandates the implementation of a consolidated and centralized fraud management system capable of real-time fraud prevention using AI-based machine learning models—MCB has reaffirmed its commitment to delivering innovative financial solutions while upholding the highest standards of security for its customers through the implementation of the SmartVista Fraud Risk Management solution. 

SmartVista Fraud Risk Management Solution is a next-generation AI-powered solution that will provide MCB with a suite of advanced features to bolster its fraud prevention capabilities. The solution offers real-time monitoring and a comprehensive view of customer transactions across all channels, enabling the customer to detect and respond to suspicious activities instantly. Its sophisticated link analysis examines relationships between transactions, accounts, and entities to uncover complex fraud networks and behavioral patterns that might evade traditional detection methods. The system allows customers to track fraud based on rules and the statistical profile of customers leveraging AI/ML-powered models, allowing the customer to continuously adapt to emerging fraud patterns and will allow MCB to stay way ahead of new and evolving threats. 

Mr. Shoaib Mumtaz, President and CEO at MCB Bank, said: “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.”

Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC, added: ” We are honored to onboard MCB in their mission to strengthen fraud prevention measures. Our SmartVista Enterprise Fraud Management solution is designed to meet the evolving challenges of digital fraud. 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. At BPC, we are committed to supporting innovation and aligning with MCB’s goals. Our next-generation SmartVista platform provides the right tools to drive innovation and deliver secure digital payment experiences.”