Twice a year, we share major product updates to keep you informed about our latest advancements. This edition highlights AI for AML Transaction Monitoring, the Instant Payment solution, and the Community Scoring and Intelligence (CS&I) solution.
The solution was launched to address the limitations of traditional AML methods that often result in high false positives and inefficiencies. By leveraging machine learning and AI, NetGuardians aims to enhance the accuracy and efficiency of detecting money laundering activities. This innovative approach allows banks to analyze vast amounts of data, identify suspicious patterns in real-time, and significantly reduce false alerts, thus providing a more effective and cost-efficient solution for combating financial crimes.
Enhanced Detection Accuracy: AI excels at detecting complex patterns and suspicious behaviors that traditional systems might miss. By analyzing a broader range of signals and contextualizing behaviors over time, AI identifies potential money laundering activities with greater precision.
Reduced False Positives: Our AI models intelligently lower false positive rates, allowing your compliance teams to focus on genuine threats, improving operational efficiency and reducing case management workload.
Adaptive Learning: AI continuously learns from new data, adapting to emerging money laundering techniques. This ensures your defenses stay ahead of evolving threats.
Seamless Integration: AI can be adopted at your own pace, starting with optimizing existing rule parameters and incrementally incorporating AI models to enhance detection capabilities.
Scalability and Efficiency: Our AI solutions are scalable, easily adapting to the growing volume and complexity of transactions, thus enhancing overall system efficiency.
You can read more about AI in AML reading our blog article here or watching the recording of our recent webinar with our CTO Jerome Kehrli and AML Product Manager Jerusha Pegg.
As instant payments become the new standard worldwide, financial institutions face the dual challenge of delivering fast and secure transactions while mitigating the associated risks. To address this, we’ve launched the Instant Payment (IP) Fraud Detection solution, which can be integrated as an add-on to your existing payment fraud solution.
Why this Solution?
The constantly growing adoption of instant payments brings about unique risks, such as immediate cashouts and the inability to reverse illegitimate payments. Criminals exploit the speed and irrevocability of instant payments to execute fraud more efficiently, making it crucial for financial institutions to have a robust fraud prevention system.
Proven Analytics: Leveraging our proven 3D AI technology, the solution provides real-time analytics to detect and respond to fraudulent activities instantly, ensuring that threats are mitigated before they cause significant damage.
Fast Response Time: Designed for speed, the solution guarantees swift responses to potential fraud, meeting the demand for instant transaction processing without compromising security.
Dedicated IP Fraud Management: With specialized workflows, blacklists/whitelists, and provisional restriction lists, the solution provides a comprehensive approach to managing instant payment fraud.
Holistic Profiling: The solution integrates holistic profiling risk models that consider both instant payments and traditional credit transfers, offering a broader perspective for fraud detection.
Scalability: As the volume of instant payments grows, the solution is designed to scale efficiently, ensuring continued protection without sacrificing performance.
The solution ensures that your institution can offer the convenience of instant payments while maintaining robust security measures. By integrating this solution with your existing systems, you can confidently manage the risks associated with instant transactions.
If you would like to learn more and have a detailed presentation about this solution, please get in touch with us to organize a meeting.
Fraudsters are getting smarter and more coordinated, making it tougher for financial institutions to stay ahead. Scams are especially hard to detect, and criminals are using more and more banks accounts as money mules for illicit money transfers. But criminals often reuse beneficiary accounts, which may have already been used to defraud others….
Here’s where the strength of community lies. By leveraging collective intelligence through NetGuardians’ CS&I, you can share and receive insights on financial crime activities to better detect fraudulent transactions and to identify money mule beneficiaries.
Please note that this solution is currently available in Switzerland. We’re building an equivalent initiative in Kenya.
Enhanced AI Scoring: Ingest external indicators to strengthen your existing risk models.
Improved Detection Rates: Boost fraud/scam detection by up to 20%
Improved Detection Rates: Boost fraud/scam detection by up to 20%
Further Efficiency Boost: Reduce false positives with improved risk scoring.
Money mule Detection: Identify money mules which have been already leveraged in other community banks.
In today’s digital age, financial institutions face an escalating wave of sophisticated scams. From romance scams to complex investment scams, criminals are not only becoming smarter but are also collaborating more effectively than ever.
