Zurich Cantonal Bank chooses NetGuardians’ AI software for payment fraud mitigation

ZKB selected NetGuardians’ fraud-prevention software to further protect its customers from the growing payment fraud threat. In addition to payment fraud being more prevalent, attacks are also becoming more sophisticated, making them harder to spot. The Swiss Federal Statistical Office recently revealed that cybercrime jumped by nearly a quarter in 2021, compared with the previous year.

NetGuardians software uses advanced behavioral analytics, artificial intelligence and machine learning to build up highly accurate customer profiles. All transactions linked to an account are continuously monitored across all channels, compared against the customer profile and given a risk score. The bank only contacts the customer when the risk score reaches a pre-determined level.

The result is a massive reduction in the number of false positives, thereby maintaining an excellent customer and user experience while cutting the bank’s operational costs. Further protection comes from machine-learning algorithms that can discover new fraud schemes, helping banks stay on top of emerging threats.

Today, more than 40 percent of all Swiss state-owned commercial banks have chosen NetGuardians as their fraud-prevention partner. Worldwide, NetGuardians is helping banks protect more than $7 trillion in assets from cyber-criminals. It was listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms.

Romano Ramanti, Ethical Hacker of ZKB says: “With NetGuardians as our fraud-prevention partner we know we are giving our customers the best possible protection and a great service. More attempts at defrauding them will be spotted and stopped, and our customers won’t be contacted unnecessarily over authentic payments.”

Joël Winteregg, NetGuardians’ Co-Founder and CEO, says: “There is no reason why banks have to choose between stopping fraud and providing excellent customer service. NetGuardians software offers enhanced fraud protection without having to bother the customer all the time for authentication. And when the customer is contacted, the chance of the transaction being fraudulent is high. Taken together, our software will allow ZKB to build trust and prevent more fraud.”