This article appeared on The Paypers on 8 June 2022
Switzerland-based Basellandschaftliche Kantonalbank (BLKB) has selected NetGuardians’ software as part of a program of fraud prevention.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 bank plans to go live with the software in the second half of 2022.
NetGuardians software uses behavioural analytics, artificial intelligence, and machine learning to build up 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 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.
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