Digital banking fraud
Traditional approach
With traditional methods and rule-based solutions in the market, too many hits are generated, and fraud detection is reactive. What is needed is a proactive solution that efficiently manages fraud and unlocks new fraud types.
NetGuardians approach
Leveraging on smarter AI, NetGuardians’ platform NG|Screener detects fraud and identifies emerging digital banking fraud cases with fewer false positives.
Using pre-defined AI risk models, banks can tackle digital banking fraud challenges related to eBanking/mBanking sessions redirected by malwares, hijacked by hackers, taken over by identity theft and others.
Benefits
Use cases
Redirected eBanking sessions due to malware Hijacked eBanking sessions SIM swaps Identity theft from phishing Fake mBanking apps And others... White paper on digital banking fraud
As digital channels have multiplied, so have the routes that fraudsters can use. And their options are about to expand again with the implementation of Open Banking and the coming into effect of Europe’s second Payment Services Directive (PSD2).
Against that troubling background, this paper examines the best practices for an effective technology-based prevention.
Aargauische Kantonalbank case study
Within seven months, NG|Screener had analyzed more than five million transactions yet blocked 10 times fewer payments than its former system and achieved a better fraud detection rate.
