Swiss FinTech NetGuardians, which provides an enterprise risk platform for combatting financial fraud, has been selected by Luzerner Kantonalbank AG (LUKB) to further enhance its fraud-prevention systems.
LUKB is implementing NetGuardians’ AI-based fraud-mitigation software as part of its defences against payment fraud.
The software builds up accurate profiles of a bank’s customers, allowing it to spot suspicious transactions with a very high degree of accuracy. This means fewer calls to customers to verify payment, helping to cut costs and enhance the customer experience.
According to NetGuardians, the software is highly effective at spotting and stopping fraudulent payments that result from increasingly prevalent scams such as CEO fraud – where criminals send emails apparently from senior management ordering a payment – as well as investment scams, phishing attacks and social engineering. Research shows that NetGuardians cuts calls to customers by 85% and helps reduce operating costs by more than 75%.
NetGuardians said more than 40% of all Swiss cantonal banks have chosen NetGuardians as their fraud-prevention partner. Worldwide, NetGuardians is helping banks protect more than $7 trn in assets from cyber-criminals.
Philipp Keist, head of ICT at LUKB, said, “NetGuardians’ solution has an excellent proven ability to accurately spot fraudulent payments and can process very high volumes in real time. This means we will spot more fraud and stop payment before any money has left the account. This is good for us as a bank and good for our customers.â€
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