Preventing financial crime in its infancy is essential for the efficiency and digital processing of client transactions and, for a data and technology-driven financial services provider like radicant, a key element in its understanding of good corporate governance. For this reason, radicant has chosen NetGuardians to improve its clients’ payment protection.
NetGuardians software forms customer profiles through its behavioural analytics, machine learning, and artificial intelligence. The software monitors all transactions in real-time and provides a risk score by comparing it against the customer profile. The software reduces the volume of false positives, providing an augmented customer and user experience whilst decreasing operational costs. Machine-learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes.
radicant’s officials explained that NetGuardians’ AI-based risk platform is yet another facet of their robust security network. It is important radicant builds its bank on a robust security software to fight fraud and provide their customers with a reliable and seamless product.
Also commenting on the partnership, executives from NetGuardians said that they’re happy to be supporting radicant in its ongoing sustainability goals as it launches. Their software allows businesses like radicant to scale their product and deliver an excellent service without the worry of payment fraud.
In an increasingly digital world, where more and more customers conduct their transactions exclusively online, the prevention of financial crime and the protection of clients from fraud play an important role in safeguarding smooth payment flows. According to the Association of Certified Fraud Examiners report on ‘Occupational Fraud 2022', organisations lose 5% of revenue to fraud each year, equating to total losses in excess of USD 4.7 trillion lost to fraud globally.
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