Fraud is big business, costing the banking industry $67bn per annum, according to the Association of Certified Fraud Examiners. It’s...
NetGuardians is a leading financial technology (FinTech) specialist in behavioural risk-prevention solutions, detecting any signs of fraud and taking protective measures for clients.
The company monitors fraudulent human behaviour and prevent criminal transactions before they are initiated, using a big data platform to capture, correlate and analyse information throughout the banking system.
NetGuardians uses an intelligent library of up-to-date controls and advanced detection analytics to comprehensively fight fraud both internally and externally, as well as target new scam patterns or meet regulatory requirements.
Customised anti-fraud software for financial institutions
NetGuardians’ software platform is packaged to easily fit into various banking architectures, with preset connectors for any core banking platform, database, operating system or network device used in banks.
Dedicated risk experts develop out-of-the-box intelligence bundles containing controls to address banks’ most challenging anti-fraud requirements for a wide range of applications, including e-banking, payments, and internal transactions.
The company’s platform offers a wide range of benefits, such as:
- Holistic approach: Data is one place, in same format and cross-referenced
- Customised for banks: Built to fit the specific parameters of key core banking applications from Temenos T24 to FlexCube
- Cost-effective: Automated frameworks save 60% of the time you’d spend checking controls
- Fast implementation: Time to implement a new control standard is reduced by 80%
- Proactive detection: Detect suspicious activity before it becomes an incident and be proactive
- Responsive security: Automatically applies new controls to the system
- Behavioural analytics: Uses data to consistently trace human behaviour behind banking transactions
- Automated compliance: Continuously monitors controls to facilitate audit reporting
Big data technology and machine learning model
NetGuardians uses an innovative big data method to capture, combine and model data from different systems within the bank, which includes core banking, e-banking, databases and operating system. This enables a ‘helicopter view’ of employee and customer activity throughout the entire banking system.
Intelligent controls and dynamic profiling mechanisms are applied to this data to detect suspicious user behaviour that is indicative of fraud or policy violations.
Machine-learning algorithms constantly assimilate new data to improve profiles, the number of false positives is kept to an absolute minimum, maintaining trust and giving a good customer experience.
Auditing platform for monitoring user behaviour
NetGuardians’ software platform continuously audits customer and employee activity. When fraud or suspicious activity has been detected, alerts are generated in real-time via SMS / email and routed to the relevant stakeholders through a customised workflow.
The company’s Enterprise-class Case Management system tracks each issue and ensures appropriate follow-up procedures are followed. Each incident can be fully investigated via responsive risk dashboard and forensics tools on the software platform. This enhanced insight enables banks to detect and prevent fraud before it’s too late.
Named a Gartner Cool Vendor, NetGuardians has worked with high-profile banks such as Santander, Raiffeisen, DBS, Commercial Bank of Africa, Commercial Bank of Ethiopia, Zenith Bank, Alinma Bank and more.
Headquartered in Switzerland, the company has offices in Singapore, Kenya, and Poland.
Company to double headcount in 18 months to continue leadership in financial crime prevention NetGuardians SA, Switzerland’s leading FinTech in...
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