An enterprise risk platform for combatting financial fraud, NetGuardians’ software helps with the detection of anomalous payments through means of behavioural analytics, machine learning, and artificial intelligence.
As per information provided in the press release, the companies’ collaboration is a result of a TWINT fraud prevention enhancement programme.
NetGuardians’ AI software enables real-time transaction monitoring of all TWINT’s payment transactions and provides a risk score through profiling. Furthermore, the software helps ensure accurate detection and a minimal volume when it comes to false positives, thus helping with fostering customer trust, while simultaneously keeping operational costs low.
TWINT is a Switzerland-based secure payments app with more than four million active users, enabling customers to carry out transactions through their mobile phone both in-store and online.
As part of its recent developments, the company announced in September 2022 a collaboration with Switzerland-based fintech and Cembra subsidiary Swissbilling looking to expand its payments options and increase their flexibility. At the time, no information was provided on how the payment option would look like; however, the launch of the integrated solution was confirmed to be planned for 2023.
NetGuardians helps financial institutions in more than 30 countries to combat fraud. Its 3D AI solution is leveraged by over 80 banks and wealth managers to prevent fraudulent payments in real-time.
In December 2022, the company made public a collaboration with Bank of Africa (BOA), enabling the latter to leverage its fraud prevention software for the safeguarding of its Morocco-based branches and assets against internal and payment fraud.
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