Press release – Zurich Cantonal Bank chooses NetGuardians’ AI software to enhance payment fraud mitigation
Yverdon-les-Bains, 16 August, 2022: Award-winning Swiss FinTech NetGuardians, renowned for its enterprise risk platform for combatting bank fraud, today announced that Zurich Cantonal Bank (ZKB) has selected its software as part of a program of enhanced fraud prevention.
ZKB selected NetGuardians’ fraud-prevention 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 Swiss Federal Statistical Office recently revealed that cybercrime jumped by nearly a quarter in 2021, compared with the previous year.
NetGuardians software uses advanced behavioral analytics, artificial intelligence and machine learning to build up highly 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 massive 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.
Today, more than 40 percent of all Swiss state-owned commercial banks have chosen NetGuardians as their fraud-prevention partner. Worldwide, NetGuardians is helping banks protect more than $7 trillion in assets from cyber-criminals. It was listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms.
Romano Ramanti, Ethical Hacker of ZKB says: “With NetGuardians as our fraud-prevention partner we know we are giving our customers the best possible protection and a great service. More attempts at defrauding them will be spotted and stopped, and our customers won’t be contacted unnecessarily over authentic payments.”
Joël Winteregg, NetGuardians’ Co-Founder and CEO, says: “There is no reason why banks have to choose between stopping fraud and providing excellent customer service. NetGuardians software offers enhanced fraud protection without having to bother the customer all the time for authentication. And when the customer is contacted, the chance of the transaction being fraudulent is high. Taken together, our software will allow ZKB to build trust and prevent more fraud.”
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NETGUARDIANS
NetGuardians is an award-winning Swiss FinTech helping financial institutions in over 30 countries to fight fraud. More than 80 banks and wealth managers, including 40 percent of all Swiss state-owned commercial banks and three of the top 10 private banks as ranked by Euromoney, rely on NetGuardians’ 3D artificial intelligence (3D AI) solution to prevent fraudulent payments in real time. Banks using NetGuardians’ software have achieved an 85 percent reduction in customer friction, enjoy more than 75 percent lower operating costs and have detected new fraud cases.
NetGuardians is the fraud-prevention partner of major banking software companies including Finastra, Avaloq, Mambu and Finacle. It was listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms. Headquartered in Switzerland, NetGuardians has offices in Singapore, Kenya and Poland.
More information: www.netguardians.ch
Contact
NetGuardians
Mine Fornerod
Director of Marketing Communications, NetGuardians
communications@netguardians.ch
T. +41 24 425 97 60
ZURICH CANTONAL BANK
With total assets of CHF 192 billion and 5,145 employees, we are the biggest cantonal bank in Switzerland and one of the biggest Swiss banks. We are the leader in universal banking business in the Greater Zurich Area. Our clients enjoy a wide range of products and services.
Since its establishment in 1870, Zürcher Kantonalbank has been an independent public law institution (selbständige öffentlich-rechtliche Anstalt) established and existing under the laws of Switzerland and the canton of Zurich. Our public service mandate involves providing the population of Zurich with financial services, assisting the canton in fulfilling its economic, social and environmental obligations and adopting a responsible approach to the environment and society.
We operate more than 50 branches, the majority of which are in the canton of Zurich. We also operate at an international level in order to meet our clients’ cross-border requirements.
