This article appeared on RegTech Analyst on 6th December 2022
The new service, whose partners include Swiss cyber security specialist SWITCH-CERT, collects insights and intelligence from banks, FinTechs and other sources to provide an enhanced scoring capability.
Users can transform and enhance their fight against fraud by improving prevention, reacting in real time to global threats by harnessing the power of shared intelligence.
NetGuardians’ AI software builds accurate individual behavioural profiles against which it compares every transaction to identify suspicious activity. To create these profiles, the company uses data from customers’ own transactions.
Speaking on the new service, SWITCH-CERT’s senior information and cybersecurity consultant Michael Fuchs said, “The NetGuardians’ Community Scoring & Intelligence Service will help organizations better protect themselves from cybercrime and fraud. We are pleased to be involved in this global movement to stop fraudsters and help financial institutions protect their customers.”
NetGuardians co-founder and CSO Raffael Maio said. “The banking community knows from experience that when fraudsters find a successful methodology, they will use it time and again. By using shared insights as widely as possible about what is happening globally, we can all make each other and our customers safer.”
This is the second new feature released by NetGuardians in the past month. It recently launched its anti-money laundering (AML) transaction monitoring solution. Its NG|Screener platform now includes an AML transaction monitoring solution that can better detect incidents.
Read this article on Regtech Analyst website.