NetGuardians, a Swiss provider of financial fraud prevention solutions, has signed Basellandschaftliche Kantonalbank (BLKB) as a new client.
BLKB has selected NetGuardians’ fraud mitigation software and plans to go live in the second half of this year.
“Everything we do is for our customers,” says Christoph Schaer, Chief Operating Officer (COO) of BLKB.
“By working with NetGuardians, we will be able to offer them the best protection against fraudsters and improve our service to them.
“The precision of the software means that we will only contact them when a transaction is highly likely to be fraud. This has two benefits – we will stop more fraud and contact our customers less often. It’s a win-win. »
BLKB has 850 employees, 25 branches and total assets of more than 32 billion francs ($32.8 billion).
NetGuardians says its software uses advanced behavioral analytics, artificial intelligence (AI) and machine learning (ML) to create “highly accurate” customer profiles. All transactions related to an account are continuously monitored across all channels, compared to the client’s profile and given a risk score.
As a result, BLKB will experience a “massive reduction” in the number of false positives and will be able to reduce operational costs, according to the vendor. He adds that banks using NetGuardians’ software have reduced customer friction by 85% and enjoy more than 75% lower operating costs.
NetGuardians’ software is used by approximately 80 banks and wealth managers in 30 countries, including 40% of all cantonal banks in Switzerland (there are 24 of them). Last month, it announced another cantonal bank as a client, the Luzerner Kantonalbank (LUKB).