Yverdon-les-Bains, 3 May, 2022: Award-winning Swiss fintech NetGuardians, renowned for its enterprise risk platform for combatting financial fraud, today announced it has been selected by Luzerner Kantonalbank AG (LUKB) to further enhance its fraud-prevention systems.
LUKB is implementing NetGuardians’ AI-based fraud-mitigation software as part of its defenses against payment fraud. The software builds up accurate profiles of a bank’s customers, allowing it to spot suspicious transactions with a very high degree of accuracy. This means fewer calls to customers to verify payment, helping to cut costs and enhance the customer experience.
The software is highly effective at spotting and stopping fraudulent payments that result from increasingly prevalent scams such as CEO fraud – where criminals send emails apparently from senior management ordering a payment – as well as investment scams, phishing attacks and social engineering. Research shows that NetGuardians cuts calls to customers by 85 percent and helps reduce operating costs by more than 75 percent.
Today, more than 40 percent of all Swiss cantonal banks have chosen NetGuardians as their fraud-prevention partner. Worldwide, NetGuardians is helping banks protect more than $7 trillion in assets from cyber-criminals.
Philipp Keist, Head of ICT at LUKB, says: “NetGuardians’ solution has an excellent proven ability to accurately spot fraudulent payments and can process very high volumes in real time. This means we will spot more fraud and stop payment before any money has left the account. This is good for us as a bank and good for our customers.”
Thierry Divenot, NetGuardians’ Global Head of Sales and Marketing, says: “Cybercriminals are becoming more sophisticated and determined, increasingly using human psychology and technology to help them industrialize their attacks. We are pleased to be welcoming LUKB into our community and to be working with them to help protect their customers from these dangerous criminals.”
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NetGuardians is an award-winning Swiss fintech helping financial institutions in over 30 countries to fight fraud. More than 80 banks and wealth managers, including 40 percent of all Swiss cantonal banks and three of the top 10 private banks as ranked by Euromoney, rely on NetGuardians’ 3D artificial intelligence (3D AI) solution to prevent fraudulent payments in real time. Banks using NetGuardians’ software have achieved an 85 percent reduction in customer friction, enjoy more than 75 percent lower operating costs and have detected new fraud cases.
NetGuardians is the fraud-prevention partner of major banking software companies including Finastra, Avaloq, Mambu and Finacle. It was listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms. Headquartered in Switzerland, NetGuardians has offices in Singapore, Kenya and Poland.
More information: www.netguardians.ch
Director of Marketing Communications, NetGuardians
T. +41 24 425 97 60
Founded in 1850, Luzerner Kantonalbank AG (LUKB) is the leading bank in Canton Lucerne. With some 1,250 staff, it maintains a network of 24 branches and is one of the largest cantonal banks in Switzerland. LUKB’s core business areas include real estate and business financing, pension provision, and asset advisory and management. The Bank is known for its closeness to its clients and for its excellent performance, making it the first choice for clients, staff, shareholders, and the local region.
The LUKB Group includes the fund management company LUKB Expert Fondsleitung AG, the venture capital company LUKB Wachstumskapital AG, and the financial services and real estate company Gewerbe Finanz Luzern AG. LUKB has been a public limited company since 2001, and its shares are listed on SIX Swiss Exchange. It has a free float of 38.5 % of share capital, while the remaining 61.5 % of shares are held by Canton Lucerne. LUKB has a state guarantee, and a long-term AA credit rating from Standard & Poor’s (short-term rating of A-1+).
More information: www.lukb.ch