Switzerland: Online Banking Platform Swissquote Selects NetGuardians to Enhance Fraud Mitigation

Swissquote, which claims to be among Switzerland’s leading online banks, has chosen NetGuardians in order “to enhance fraud mitigation and comply with the 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, another of Switzerland’s leading banks.”

Software designed by NetGuardians will “help Swissquote to reinforce bank’s protection to catch scams such as Authorized 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.”

With APP scams set to double globally by 2026 and become a $5.25bn industry, banks increasingly “need AI-based anti-fraud infrastructure to keep pace with fraudsters.”

NetGuardians’ financial crime solutions “ensure accurate detection and minimal false positives, improving 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.”

Gland-based Swissquote claims it is “a market leader in online banking with international presence. 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 that emerged from a joint venture between PostFinance and Swissquote.”

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, said:

“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, helping us to quickly identify and stop scammers and money launderers. This means our customers can bank with confidence at Swissquote.”



Sponsored Links by DQ Promote

 

 

Send this to a friend