BBBS, Barac partner on enterprise fraud & cybersecurity solutions

In a bid to provide real time monitoring and detecting of enterprise fraud and cyber-attacks, Best of Breed Business Solutions (BBBS) has partnered Barac in providing Barac solution to Nigerian Banks and telcos.

Omar Yaacoubi, chief executive officer and co-founder, Barac, said at an event to unveil the solution to Nigerian banks in Lagos that Barac is real time feasibility solution that helps organisations detect threats, fraud and cyber-attacks in real time and with high accuracy across different channels.

“What is unique is that we have seen worldwide that fraud and cybersecurity have become more convergence, where more people in an organisations are stealing data from their organisations to commit fraud, so, cybersecurity, fraud, internal threat, internal monitoring of attacks, internal threat are becoming more and more common.

“At Barac we help solve both problems because fraud is used by cyber attackers or by people inside to get the data, so both of them are very important and both of them need to be covered by one solution.

“Our solution uses artificial intelligent or machine learning and behavioural analytics. Machine learning is going to the data base to understand how the fraud is and how the problem behaves and how do we get to this fraud amount, the date and different information around that.

“This is combine with behavioural analytic which is more about the person, how do this person behave on different channels how do the user or customer behave so you can understand and detect any abnormal behaviour of the user or customer. That is where we are unique in combining both approaches to give very high accuracy,” he added.