Al Baraka Islamic Bank launches Cutting Edge SafeNet Fraud Prevention Solution

TDT | Manama

Email: mail@newsofbahrain.com

Al Baraka Islamic Bank (AIB), a leading Islamic financial institution in the Kingdom of Bahrain, has recently announced the successful implementation of its advanced fraud prevention and detection solution, SafeNet, in partnership with Global Payment Services (GPS), a leading provider of innovative payment solutions.

SafeNet is an advanced AI-driven solution designed to secure electronic payment channels and non-payment activities. With its implementation, AIB is now equipped with advanced robust tools to monitor and control its Internet Banking Portals, Mobile Banking Applications, Payment Gateways and other electronic channels. The solution provides real-time transaction analysis, including the ability to block, hold or release payments, ensuring compliance with the regulations of the Central Bank of Bahrain (CBB).

Additionally, this implementation empowers AIB to secure a variety of payment types, including Fawri, Fawri+ and internal money transfers, while enhancing customer trust in its digital services.

On this occasion, Dr. Adel Abdulla Salem, CEO of Al Baraka Islamic Bank, stated: “The successful implementation of SafeNet reflects our dedication to providing secure, reliable and cutting-edge financial services to our customers. With this collaboration, we have strengthened our fraud detection capabilities, ensuring compliance with regulatory standards while safeguarding our customers’ assets.”

In turn, Mr. Ali Arab, General Manager of Global Payment Services, commented: “We are proud to partner with Al Baraka Islamic Bank to implement the SafeNet solution, which leverages advanced AI technology to enhance payment security and fraud prevention. This milestone underscores our commitment to delivering innovative and compliant payment solutions to financial institutions in the region.”

It’s noteworthy that this partnership not only reinforces the commitment of Al Baraka Islamic Bank to excellence in financial security, but also marks a significant turning point in the enhancement of the digital payments landscape within the Kingdom of Bahrain, ultimately benefiting consumers and businesses alike.