As payment channels have multiplied, so have the routes open to fraudsters, pushing up banks’ liabilities. Open Banking risks exacerbating this trend further. Traditional anti-fraud practices find it all but impossible to prevent payment fraud efficiently. Most rely on hundreds of static rules that fail to detect new fraud patterns and trigger large numbers of hits.
Leveraging on smarter AI, NetGuardians’ platform NG|Screener monitors banks’ all payment transactions in real-time. It identifies suspicious payments coming from social engineering techniques or scams such as invoice redirection, love scams, CEO-fraud and others.
Further, using our pre-defined AI risk models, banks meet SWIFT CSP and PSD2 requirements while proactively preventing current and emerging payment fraud schemes.
Social engineering, false bills or fake phone calls that give the victim new payment details for utility bills are the most popular and widespread types of payment fraud these days. Corporates are targeted for larger amounts, but individuals are equally under attack