Smart, effective real-time fraud prevention for digital banks
Customers are being drawn to digital banking in their millions thanks to the promise of fast, frictionless, low-cost banking and their tolerance of failure is low. This presents significant challenges for digital banks when it comes to fraud prevention:
Digitization and scaling
Demand for digital banking has grown fast and successful banks need to scale their activities quickly, pushing automation into new areas.
Customer-not-present is intrinsic to digital banking and has been widely exploited by fraudsters, as has the demand for real-time, low-friction transactions that leave little time for traditional risk assessment.
Continuous innovation and quick execution
Digital banking is evolving fast, with new players entering the market all the time. Differentiation and speed-to-market are critical to gaining and maintaining a solid customer base.
Building a reputation
The adoption of digital banking services has in large part been driven by its speed and ease of use. Customers like being able to bank when they want and how they want, and quickly reject clunky, slow services. New players need to deliver excellence in terms of customer service and products all the time, every time. They also need to demonstrate their trustworthiness.
NetGuardians overcomes these challenges AND spots and stops more fraud
Efficiency runs through NetGuardians’ fraud prevention software. By learning and analyzing the behavior of each and every customer in real time, NetGuardians software correctly identifies anomalous transactions associated with each account, dramatically increasing the fraud-detection rate without adding friction.
Reduces false alerts
Reduces operational costs
How it works?
As the solution is cloud-ready, it is fully scalable and its self-learning capabilities mean new types of fraud and cyber-attack are spotted and stopped without the need for additional software. Investigation teams only need to intervene in extreme fraud cases such as account takeovers. This allows banks to maintain a first-class customer experience and keep investigation costs low. Collective intelligence and self-learning systems extend protection further, helping to build trust fast.
The software is already part of the global financial ecosystem as it is embedded into the banking platforms of major vendors including Finastra, Avaloq, Finacle and Mambu and is available on premise and in the cloud. As a result, it can be installed easily and quickly, resulting in faster time-to-market for neo banks.