BNZ taps IBM in multi-million dollar cross-channel fraud prevention tech deal

Bank of New Zealand is ramping up cross-channel fraud prevention for its customers through a multi-million dollar deal with IBM. The banking giant said its aim was to provide its customers with the ability to bank securely while delivering a positive customer experience. Furthermore, BNZ said legacy systems were designed to see and stop easily recognisable fraud patterns, however, modern "anytime, anywhere" banking on mobile devices has made fraud detection much more challenging. "Banks' time to respond is also shrinking as real-time payments mean there are just milliseconds to detect and prevent theft before it's too late," the bank said. Global card fraud losses are also increasing.