This year’s report from the leading global research group highlights how a key metric for banks when choosing fraud-mitigation software is ensuring the best possible customer experience by having a low rate of false alerts or “false positives”. It says that banks are looking for solutions that engender trust and throw up fewer false alerts while still catching and stopping the majority of fraud attempts.
When it comes to a low rate of false alerts, NetGuardians has a market-leading rate – banks using our software have seen an 83 percent reduction. The benefits are twofold: customers are not needlessly contacted about genuine transactions, and banks can switch resources from investigating bona fide transactions to more complex fraud attempts. The latter means banks catch more fraud, while the former inspires trust because customers are more likely to be contacted only about genuine criminal activity.
Other key metrics mentioned in the guide and met by NetGuardians include real-time monitoring so that frauds can be stopped before money leaves the bank, clear dashboards that indicate why an alert has been raised for easier investigation, and machine learning that allows the bank to spot new fraud types.
NetGuardians has previously been recognized as a Gartner Cool Vendor.
Interested? More about NetGuardians’ fraud-mitigation software can be found here.
You can download Gartner’s Market Guide for Online Fraud Detection here.