Smart, effective, real-time fraud prevention for digital banks
Successful digital banks grow fast on limited resources. This presents significant challenges when it comes to preventing fraud. Their fraud solution must be efficient, have the ability to scale quickly and offer real-time protection. It also needs to be ready-to-go and cost-effective.
NetGuardians’ packaged fraud prevention for digital banks overcomes these and other challenges, leaving more resources to grow the business.
First-class customer service
Real-time analytics provide highly accurate risk scores, cutting false positives by up to 85 percent to ensure excellent fraud protection with minimal friction. Such first-class customer service helps build trust and cut customer churn.
This comprehensive, automated software is pre-integrated with the major core banking systems. It is fast to implement and needs minimal human intervention, freeing up resources for value-added tasks.
Scalable and future-proof
The technology effortlessly keeps up with rapid growth and ever-changing market dynamics, scaling to need and able to spot new fraud types as they emerge. It has the flexibility to allow for expanding product and services provision, including open banking and instant payments, without adding risk.
Safeguard your reputation
A compliant product suite that combines internal and external fraud prevention with anti-money-laundering transaction monitoring. The cutting-edge artificial intelligence technology draws on data from the NetGuardians banking community to better shield customers from crime and protect the bank’s reputation.
Recent caught frauds
Account takeover fraud
The fraudster impersonated a bank agent and through social engineering persuaded the customer to release his/her e-banking login details. The fraudster took over the customer’s account and made a payment of CHF 33,170 to an account of their own.
NetGuardians’ AI risk models identified the transaction as fraudulent and blocked it because the e-banking metrics – e-banking language, browser, screen resolution, etc – did not match the customer’s usual profile.
A company employee fell victim to a business email compromise (BEC) fraud after their business partner’s email account was hacked and the fraudster sent a fake email from this account requesting a payment of USD 100,000 to a beneficiary in Peru.
NetGuardians’ AI risk models stopped the transaction due to the unusual destination country, payment creation date, and beneficiary account.
The victim was advised by a fraudster impersonating a business partner to invest in a fictitious company and ordered a payment of USD 170,000.
NetGuardians stopped the transaction due to variables not matching the customer’s profile, including the unusual destination, beneficiary bank, beneficiary account, amount, and currency.
NetGuardians stops more fraud
Efficiency runs through NetGuardians’ fraud-prevention software. By learning and analyzing the behavior of each and every customer in real time, it correctly identifies anomalous transactions associated with each account, dramatically increasing the fraud-detection rate without adding friction.
The software is already part of the global financial ecosystem as it is embedded into the banking platforms of major vendors including Finastra, Avaloq, Finacle and Mambu and is available on premise and in the cloud. As a result, it can be installed easily and quickly with minimal impact on the existing processes of any bank and the experience of its customers.