This article appeared on Retail Banker International on the 9 May 2023
NetGuardians AI-based financial crime solutions to monitor all Swissquote transactions
Swissquote has selected NetGuardians as their IT partner to fight financial crime. Specifically, NetGuardians will enhance the bank’s fraud mitigation to ensure compliance with AML requirements. The NetGuardians AI-based financial crime solutions will monitor all transactions at the bank and on the digital finance app ‘Yuh’, a joint venture between Swissquote and PostFinance.
Software designed by NetGuardians will help Swissquote to reinforce bank’s protection to catch scams such as Authorised Push Payment (APP) and other types of payment fraud. It will also help Swissquote to maintain regulatory anti-money laundering (AML) requirements through suspicious activity reporting, early-stage prevention of money laundering attempts, and detecting the creation of money mule accounts.
APP scams forecast to double by 2026
APP scams are set to double globally by 2026 and become a $5.25bn industry. As a result, banks increasingly need AI-based anti-fraud infrastructure to keep pace with fraudsters.
NetGuardians’ says that its financial crime solutions ensure accurate detection and minimal false positives. This improves customer and user experience while lowering operational costs for banks. In addition, its machine-learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes and scammers.
Swissquote currently employs over 1,000 people who service its 500,000 clients worldwide. ‘Yuh’ is a Swiss finance app launched in the spring of 2021. This emerged from a joint venture between PostFinance and Swissquote.
Reducing false positives
Joël Winteregg, CEO & Co-Founder of NetGuardians, said: “We are thrilled Swissquote will be deploying NetGuardians’ AI-based AML transaction monitoring & fraud prevention solutions. Financial crime is an ongoing battle. We want to ensure consumers have a safe and seamless experience.
“This can be achieved by reducing false positives and alleviating the threat of payment fraud. We look forward to working closely with Swissquote in its fight against financial crime.”
Lino Finini, COO of Swissquote, added: “At Swissquote, we want our customers to know we are doing everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market. This helps us to quickly identify and stop scammers and money launderers. This means our customers can bank with confidence at Swissquote.”
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