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NetGuardians Is Selected by LUKB to Further Strengthen Fraud Prevention

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.

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.

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.”

Read this article on Fintech Finance News website.

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Recent news

  • Le Temps – Alerte sur des tentatives de piratage de comptes bancaires en Suisse March 10, 2023
  • Panel: Navigating the Evolving Landscape of Bank Frauds and Financial Crime: Insights from Industry Leaders – 15 March 2023, 10 AM (CET) February 21, 2023
  • AI Fraud & AML Summit, London, 16-17 February 2023 February 9, 2023

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News

  • Le Temps – Alerte sur des tentatives de piratage de comptes bancaires en SuisseMarch 10, 2023 - 1:27 pm
  • Panel: Navigating the Evolving Landscape of Bank Frauds and Financial Crime: Insights from Industry Leaders – 15 March 2023, 10 AM (CET)February 21, 2023 - 8:08 am
  • AI Fraud & AML Summit, London, 16-17 February 2023February 9, 2023 - 1:28 pm

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