Vancouver’s INETCO is powering African Bank’s shift to AI-driven fraud prevention, with its BullzAI platform chosen to safeguard millions of customers across South Africa. The deployment, delivered through INETCO’s global partner NCR Atleos, marks a major step in the bank’s digital transformation.
The move comes as fraud rates in South Africa soared by more than 300% in 2024, underscoring the urgent need for real-time defences. African Bank, which has expanded its customer base through acquisitions including Grindrod Bank, Sasfin and Ubank, says BullzAI will ensure safe, seamless banking as it grows.
“This additional layer of fraud prevention allows us to match our digital growth with world class protection,” said Darryl Adriaanzen, Group Chief Operating Officer at African Bank. “With INETCO BullzAI and NCR Atleos, we’ve shifted from a reactive model to a proactive AI-driven strategy that enables us to detect and block increasingly sophisticated and unknown fraud patterns in real-time.”
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BullzAI distinguishes itself with three core strengths: real-time monitoring across all banking channels, continuously self-training machine learning models, and a patented AI-powered firewall that blocks fraud attempts before they complete—without disrupting legitimate transactions. Other protections include detection of mule fraud, BIN attacks, and account takeovers, supported by data such as SIM swap records and KYC information.
“Every day, millions of customers across Africa face the risk of being defrauded,” said Bijan Sanii, CEO of INETCO. “With BullzAI, African Bank is protecting every customer, every moment, by taking a pre-emptive approach in the global fight against payment and mule fraud.”
Alan Anderson, Country Director of NCR Atleos South Africa, said the collaboration reflects a broader push to strengthen security across the continent.
For INETCO, the deployment adds to a legacy that stretches back to 1984. Once a quiet B.C. fintech pioneer, INETCO has grown into a global leader in transaction monitoring and fraud prevention, with its technology now deployed in more than 30 countries across Latin America, the Middle East and Africa.
The African Bank rollout not only advances the bank’s digital trust economy—it reinforces Vancouver’s reputation as a hub for fintech and cybersecurity innovation with global impact.
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