Key functionalities assessed included machine-based learning models, third-party integration, account takeover detection, mobile and online payment fraud, integration with third-party risk scoring algorithms, and integration with authentic solutions.
In the report, Forrester warned that transaction fraud had become significantly more frequent and sophisticated, particularly in the Asia Pacific region. It stated that the Covid-19 pandemic had further increased this risk as fraudsters take advantage of home office policies and target financial institutions that rapidly transitioned to digital operations.
Forrester looked at how vendors met the needs of financial institutions for more efficient, automated and intelligent fraud-management solutions to help them prevent significant revenue loss and improve the customer experience.
NetGuardians’ software ensures the best possible customer experience by reducing the number of false alerts by up to 83 percent. The benefits are twofold: customers are not needlessly contacted about genuine transactions, and banks can save massive time in fraud mitigation. The latter helps banks reduce operational costs; the former engenders trust as customers are more likely to be contacted only about genuine criminal activity.
Financial institutions benefit from NetGuardians’ real-time monitoring that stops frauds before any money leaves the bank, reducing losses. Clear dashboards indicate why an alert has been raised for easier investigation, and machine learning allows the bank to spot new fraud types.
NetGuardians was also included in Gartner’s 2020 Online Fraud Detection Market Guide and has previously been recognized as a Gartner Cool Vendor.
Interested? Much more about NetGuardians’ fraud-mitigation software can be found here.