For Immediate Release
NETGUARDIANS AND BEHAVIOSEC ANNOUNCE PARTNERSHIP
NetGuardians and BehavioSec Announce Partnership to offer banks complete fraud protection with behavioral technologies
Yverdon-les-Bains, Switzerland, 13 July 2016 – Swiss-based NetGuardians and Sweden’s BehavioSec are joining forces to leverage their complementary technologies to provide complete fraud protection to financial institutions – and their clients – around the world.
NetGuardians is a FinTech company with specialized expertise in user behavior analytics and profiling to implement controls for fraud and compliance challenges. BehavioSec brings behavioral biometric technology to precisely analyze behaviors at the user transaction level and alert to behavior changes that signal misuse.
Their joint effort will offer financial institutions the ability to protect clients by statistically scoring the behaviors they use during transactions. Users’ actions – for example, the way they swipe their smartphones – are very distinct, so continuous machine learning can authenticate users based not on what they do, but on how they do it.
“This is superior transactional security to older methods such as passwords,” explains Ingo Deutschmann, VP Engineering BehavioSec. “A password can be hacked, but a swipe style cannot. At the same time, because it does not require users to take additional security steps, it offers the ease-of-use that consumers ask for. Users are protected in such a way that they don’t have to think about their security. Security is built into their own actions.”
Financial institutions can add this transaction-level protection to NetGuardians operational risk solutions, which leverage Big Data to correlate and analyze behaviors across the entire bank system from business to IT operations. This provides end-to-end risk mitigation and continuous control for fraud protection and regulatory compliance.
“Financial institutions today need fraud protection integrated into everything they do,” says NetGuardians COO Raffael Maio. “Bank clients think about fraud risk most at the time they conduct transactions. With BehavioSec, we help financial institutions provide strong security for transactions, contributing to overall security and client confidence.”
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About BehavioSec
BehavioSec transforms behavior into an extra layer of security by analyzing in real time the way users interact with their devices. BehavioSec’s technology recognises if a conflicting user is operating a device by monitoring the environment, rhythms, and interaction patterns that are unique to each user. This allows valid users to have a frictionless experience, while also enhancing security. BehavioSec has offices in the UK, Germany, the Netherlands, Sweden, the US and Hong Kong and its technology is currently deployed across retail banks in Northern Europe, securing more than a billion transactions per year. Find out more at www.behaviosec.com
Contact
Johan Dalnert
Chief Marketing Officer, BehavioSec
jdalnert@behaviosec.com
+46 73 9294817
About NetGuardians SA
NetGuardians is a leading FinTech company recognized for its unique approach to fraud and risk assurance solutions. They leverage Big Data to correlate and analyze behaviors across the entire bank system. NetGuardians develops pre-defined controls to enable banks to address specific anti-fraud or regulatory requirements, with an updates service for ongoing protection. Founded in 2007, NetGuardians was the first company out of the innovation incubator Y-Parc, in Yverdon-les-Bains, Switzerland. They now have a broad client base in Europe, the Middle East and Africa. In 2015, the company was named a Gartner “Cool Vendor” in the “Cool Vendors in Audit and Compliance Innovate Controls Validation Techniques” category.
For more information about NetGuardians, please visit: www.netguardians.ch
Contact
Mine Fornerod
Digital Marketing Manager, NetGuardians
fornerod@netguardians.ch
+41 24 425 97 60
