Yverdon-les-Bains, 12 February 2018 – NetGuardians, the award-winning Swiss FinTech firm, today announced that its financial crime solution has been chosen by Canada’s FirstOntario Credit Union to strengthen its position in the fight against fraud and cyber-crime. FirstOntario Credit Union is NetGuardians’ first customer in North America.
NetGuardians’ acclaimed anti-fraud solution will plug straight into FirstOntario’s core banking platform – T24 from Temenos. As a Temenos Complementary Solution Provider, NetGuardians’ solution integrates into T24 with preset connectors, dramatically reducing implementation time and cost. For FirstOntario, the implementation project took three months.
Michael Walsh, Vice President, Information Technology at FirstOntario, said: “Our IT Security and Risk Department highlighted the global trend of increased cyber-fraud and recommended a review of our defense in depth strategies. After an extensive search for a single platform that would satisfy our needs, we selected NetGuardians. We were impressed by their focus on financial crime mitigation and the well-developed library of relevant fraud controls. Together, they give FirstOntario enhanced protection against a wide spectrum of fraud schemes.”
Joël Winteregg, NetGuardians CEO, said: “FirstOntario has joined a growing number of leading financial service providers around the world choosing NetGuardians’ anti-fraud solution. Our focus on prevention as well as detection means FirstOntario is giving its 115,000-plus members the best possible protection.”
Cyber-fraud is a growing problem for banks and is expected to cost US$6 trillion a year by 2021 (Cyber Security Ventures, Cyber Crime Report 2016). As fraudsters get ever-more sophisticated and organized, so the challenge to stop them becomes more challenging.
NetGuardians uses advanced analytics, dynamic profiling and machine learning to catch fraudsters before they strike. Its solution boasts dramatically higher rates of accuracy in correctly identifying fraudulent transactions and cutting the number of false positives that banks must review. The result is a better customer experience and lower operational costs.
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About FirstOntario Credit Union
FirstOntario has been serving members in the Golden Horseshoe, including Hamilton, Halton, the Niagara Region and Southwestern regions of Ontario since 1939. FirstOntario is the province’s second largest credit union with 32 locations, more than 115,000 Members and $5 billion in assets under management. Everyone is welcome to be part of FirstOntario for financial services including daily transactions, mortgages, lines of credit, loans and investments. FirstOntario profits are invested into the communities we serve through support for entrepreneurs, competitive rates and charitable pursuits including our award-winning student nutrition program. Learn more about us today at FirstOntario.com
About NetGuardians SA
NetGuardians is leading FinTech recognized for its unique approach to fraud and risk assurance solutions. Our software leverages Big Data to correlate and analyze behaviors across the entire bank system – not just at the transaction level. Pre-defined controls and risk models enable banks to target specific anti-fraud or regulatory requirements. A controls update service ensures financial institutions benefit from ongoing protection in the face of the continually evolving risk challenges. Headquartered in Switzerland, the company has offices in Kenya, Singapore and Poland. NetGuardians was named a Gartner Cool Vendor in 2015 as well as a Chartis RiskTech 100 2018 Vendor. More information: netguardians.ch.
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