BLKB selects NetGuardians as part of its fraud prevention program

Wednesday 8 June 2022 10:53 CET | News

Switzerland-based Basellandschaftliche Kantonalbank (BLKB) has selected NetGuardians’ software as part of a program of fraud prevention. 

BLKB selected NetGuardians’ fraud mitigation software to further protect its customers from the growing payment fraud threat. In addition to payment fraud being more prevalent, attacks are also becoming more sophisticated, making them harder to spot. The bank plans to go live with the software in the second half of 2022.

NetGuardians software uses behavioural analytics, artificial intelligence, and machine learning to build up accurate customer profiles. All transactions linked to an account are continuously monitored across all channels, compared against the customer profile, and given a risk score. The bank only contacts the customer when the risk score reaches a pre-determined level.

The result is a reduction in the number of false positives, thereby maintaining an excellent customer and user experience while cutting the bank’s operational costs. Further protection comes from machine-learning algorithms that can discover new fraud schemes, helping banks stay on top of emerging threats.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, fraud prevention, banks, artificial intelligence, machine learning
Categories: Fraud & Financial Crime
Companies: BLKB, NetGuardians
Countries: Switzerland
This article is part of category

Fraud & Financial Crime




Discover all the Company news on BLKB and other articles related to BLKB in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events