Yverdon-les-Bains, 7 June, 2022: NetGuardians, the award-winning Swiss FinTech renowned for its enterprise risk platform for combatting financial fraud, today announced that Basellandschaftliche Kantonalbank (BLKB) has selected its software as part of a program of enhanced fraud prevention. BLKB is Switzerland’s forward-looking bank. Looking ahead into the future epitomises the proactive attitude of BLKB stands for the Bank’s comprehensive sustainability efforts, which are an integral part of the business strategy.
BLKB selected NetGuardians’ fraud mitigation software to further protect its customers from the growing payment fraud threat. In addition to payment fraud being more prevalent, attacks are also becoming more sophisticated, making them harder to spot. The Swiss Federal Statistical Office recently revealed that cybercrime jumped by nearly a quarter in 2021 compared with the previous year. The Bank plans to go live with the software in the second half of 2022.
Christoph Schaer, Chief Operating Officer at BLKB, says: “Everything we do is for our customers. By working with NetGuardians we will be able to give them the best protection against fraudsters and improve our service to them. The accuracy of the software means we will only contact them when a transaction is highly likely to be fraud. This has two benefits – we will stop more fraud and contact our customers less often. It’s a win-win.”
NetGuardians software uses advanced behavioral analytics, artificial intelligence and machine learning to build up highly accurate customer profiles. All transactions linked to an account are continuously monitored across all channels, compared against the customer profile and given a risk score. The bank only contacts the customer when the risk score reaches a pre-determined level.
The result is a massive reduction in the number of false positives, thereby maintaining an excellent customer and user experience while cutting the bank’s operational costs. Further protection comes from machine-learning algorithms that can discover new fraud schemes, helping banks stay on top of emerging threats.
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.
Joël Winteregg, NetGuardians’ Co-Founder and Chief Executive, says: “Until recently, banks believed that stopping fraud was a tradeoff between contacting the customer too often against letting fraud slip through. Our software has ended that tradeoff and banks using it stop more fraud and have far fewer false alerts. We are pleased to welcome BLKB into our community and enable them to further protect their customers from ever-increasing fraud threats while delivering an excellent banking experience.”
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NetGuardians is an award-winning Swiss FinTech helping financial institutions in over 30 countries to fight fraud. More than 80 banks and wealth managers, including 40 percent of all Swiss cantonal banks and three of the top 10 private banks as ranked by Euromoney, rely on NetGuardians’ 3D artificial intelligence (3D AI) solution to prevent fraudulent payments in real time. Banks using NetGuardians’ software have achieved an 85 percent reduction in customer friction, enjoy more than 75 percent lower operating costs and have detected new fraud cases.
NetGuardians is the fraud-prevention partner of major banking software companies including Finastra, Avaloq, Mambu, and Finacle. NetGuardians was listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and Global Leader in the Aite-Novarica’s 2021 Fraud and AML Machine Learning Platforms Report. Headquartered in Switzerland, NetGuardians has offices in Singapore, Kenya, and Poland.
More information: www.netguardians.ch
Director of Marketing Communications, NetGuardians
T. +41 24 425 97 60
With some 850 employees, 25 branches including the Mobile Bank, and total assets of over 32 billion Swiss francs, Basellandschaftliche Kantonalbank (BLKB) is the biggest bank in Basel-Landschaft and one of the leading banks in Northwest Switzerland. It has a clear stance on “what matters tomorrow”. These are topics that encompass the advisory expertise BLKB provides to its customers across all stages of their lives. BLKB’s strategy is built on three pillars: the core business with the private and corporate customer segments in the region, innovation and corporate development, and complementary business with high-net-worth customers, large corporates and external asset managers. Sustainability is part of how BLKB sees itself as a bank and is also enshrined in its public service mandate as a cantonal bank. BLKB has a holistic, comprehensive understanding of sustainability; acting sustainably and thinking responsibly are subsumed within its forward-looking approach. As a future-oriented bank in the region and as a sustainable financial services provider, BLKB attaches considerable value to advising its customers with integrity and far-sightedness, ensuring environmentally responsible banking operations and a motivating work environment for its employees, as well as a forward-thinking attitude within the bank. Established in 1864, the listed, public-law institution is 74 percent owned by the Canton of Basel-Landschaft, which holds all voting rights and guarantees the bank’s liabilities by law. With a rating from Standard & Poor’s of AA outlook “positive”, BLKB is one of the most secure regional banks in Switzerland and Europe. At the same time, with a cost/income ratio of around 48 percent, it is one of Switzerland’s most efficient financial institutions.