Financial Crime World

Swissquote Enhances Fraud Detection with NetGuardians’ AI-Based Solutions

Swissquote, Switzerland’s leading online bank, has partnered with NetGuardians to deploy AI-based financial crime solutions to bolster its fraud mitigation efforts. The partnership aims to enhance transaction monitoring and prevent payment fraud on both Swissquote’s digital finance app, Yuh, and the bank’s overall operations.

Improving Fraud Detection

The software designed by NetGuardians will help Swissquote detect scams such as Authorized Push Payment (APP) and other types of payment fraud. The solutions will also assist in maintaining regulatory anti-money laundering (AML) requirements. With this technology, Swissquote can identify suspicious activities, prevent money laundering attempts at an early stage, and detect the creation of money mule accounts.

The Growing Threat of APP Scams

Authorized Push Payment (APP) scams are expected to double globally by 2026. NetGuardians’ financial crime solutions are critical in helping banks keep pace with fraudsters. The company’s AI-based technology ensures accurate detection and minimal false positives, improving customer experience while reducing operational costs for banks.

Swissquote’s Commitment to Customer Safety

Swissquote, a market leader in online banking with an international presence, currently employs over 1,000 people who service its 500,000 clients worldwide. Yuh is a Swiss finance app launched in 2021 as a joint venture between PostFinance and Swissquote.

“We are thrilled that Swissquote will be deploying NetGuardians’ AI-based AML transaction monitoring and fraud prevention solutions,” said Joël Winteregg, CEO & Co-Founder of NetGuardians. “Financial crime is an ongoing battle, and we want to ensure consumers have a safe and seamless experience. This can be achieved by reducing false positives and alleviating the threat of payment fraud.”

A Partnership for Customer Confidence

Lino Finini, COO of Swissquote, added, “At Swissquote, we want our customers to know that we are doing everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market, helping us quickly identify and stop scammers and money launderers. This means our customers can bank with confidence at Swissquote.”

Key Takeaways:

  • Swissquote has partnered with NetGuardians to deploy AI-based financial crime solutions
  • The solutions will enhance transaction monitoring and prevent payment fraud
  • NetGuardians’ technology ensures accurate detection and minimal false positives
  • The partnership aims to provide a safe and seamless experience for customers