This article appeared on Fintech Futures on 3 May 2022
Anti-fraud regtech NetGuardians has been selected by Swiss retail banking group Luzerner Kantonalbank AG (LUKB) to boost its fraud prevention systems.
LUKB will deploy NetGuardians’ AI-powered fraud mitigation software as it looks to shore up its defences against payment fraud.
The software creates accurate profiles of bank customers allowing it to spot suspicious transactions or other activities with a high degree of accuracy.
NetGuardians claims its tech cuts calls to customers by 85% and helps reduce operating costs by more than 75%.
NetGuardians’ global head of sales and marketing Thierry Divenot says its anti-fraud software will help protect LUKB’s customers from dangerous criminals.
“Cybercriminals are becoming more sophisticated and determined, increasingly using human psychology and technology to help them industrialise their attacks,” Divenot adds.
Some of these sophisticated attacks the company aims to protect against include ‘CEO fraud’, where criminals send emails apparently from senior management ordering a payment, as well as investment scams, phishing attacks and social engineering.
NetGuardians says its fraud protection software is helping banks across the world protect more than $7 trillion in assets. The firm is the fraud prevention partner of major banking software companies including Finastra, Avaloq, Mambu and Finacle.
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