Enterprise payment fraud
Traditional approach
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.
NetGuardians approach
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.
Benefits
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
Use cases
Social engineering fraud Invoice scams CEO fraud SWIFT network fraud Open banking fraud Love scams And others... Fraud detection on SWIFT messages
NetGuardians’ machine-learning fraud-mitigation software allows banks to monitor SWIFT messages to spot new and existing fraud types in real time, helping them meet SWIFT Customer Security Program (CSP) requirements.
Customer success stories
NetGuardians AI platform analyzes a retail bank’s payment transactions over the period of 12 months. The results show that the bank significantly reduces the number of false positives, decreases operational costs, and improves the fraud detection rate.
