BLKB selects NetGuardians to enhance its payment fraud prevention systems
This article appeared on Fintech Finance News on 8 June 2022
NetGuardians, the award-winning Swiss FinTech renowned for its enterprise risk platform for combatting financial fraud, today announced that Basellandschaftliche Kantonalbank (BLKB) has selected its software as part of a program of enhanced fraud prevention. BLKB is Switzerland’s forward-looking bank. Looking ahead into the future epitomises the proactive attitude of BLKB stands for the Bank’s comprehensive sustainability efforts, which are an integral part of the business strategy.
BLKB selected NetGuardians’ fraud mitigation 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. The Bank plans to go live with the software in the second half of 2022.
Christoph Schaer, Chief Operating Officer at BLKB, says: “Everything we do is for our customers. By working with NetGuardians we will be able to give them the best protection against fraudsters and improve our service to them. The accuracy of the software means we will only contact them when a transaction is highly likely to be fraud. This has two benefits – we will stop more fraud and contact our customers less often. It’s a win-win.”
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 cantonal banks have chosen NetGuardians as their fraud-prevention partner. Worldwide, NetGuardians is helping banks protect more than $7 trillion in assets from cyber-criminals.
Joël Winteregg, NetGuardians’ Co-Founder and Chief Executive, says: “Until recently, banks believed that stopping fraud was a tradeoff between contacting the customer too often against letting fraud slip through. Our software has ended that tradeoff and banks using it stop more fraud and have far fewer false alerts. We are pleased to welcome BLKB into our community and enable them to further protect their customers from ever-increasing fraud threats while delivering an excellent banking experience.”
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