This article appeared on Fintech Finance News on 3 May 2022
Award-winning Swiss fintech NetGuardians, renowned for its enterprise risk platform for combatting financial fraud, today announced it has been selected by Luzerner Kantonalbank AG (LUKB) to further enhance its fraud-prevention systems.
LUKB is implementing NetGuardians’ AI-based fraud-mitigation software as part of its defenses against payment fraud. The software builds up accurate profiles of a bank’s customers, allowing it to spot suspicious transactions with a very high degree of accuracy. This means fewer calls to customers to verify payment, helping to cut costs and enhance the customer experience.
The software is highly effective at spotting and stopping fraudulent payments that result from increasingly prevalent scams such as CEO fraud – where criminals send emails apparently from senior management ordering a payment – as well as investment scams, phishing attacks and social engineering. Research shows that NetGuardians cuts calls to customers by 85 percent and helps reduce operating costs by more than 75 percent.
Philipp Keist, Head of ICT at LUKB, says: “NetGuardians’ solution has an excellent proven ability to accurately spot fraudulent payments and can process very high volumes in real time. This means we will spot more fraud and stop payment before any money has left the account. This is good for us as a bank and good for our customers.”
Thierry Divenot, NetGuardians’ Global Head of Sales and Marketing, says: “Cybercriminals are becoming more sophisticated and determined, increasingly using human psychology and technology to help them industrialize their attacks. We are pleased to be welcoming LUKB into our community and to be working with them to help protect their customers from these dangerous criminals.”
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