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LGT Private Banking Partners with CYBERA to Enhance Financial Institution Fraud Prevention
A Strategic Partnership to Strengthen Anti-Money Laundering Controls
Vaduz/Zurich - July 5, 2023
LGT Private Banking, the leading international private bank owned by the Princely Family of Liechtenstein, has formed a strategic partnership with CYBERA, a global provider of advanced cybercrime reporting and prevention solutions. This move is aimed at strengthening LGT’s anti-money laundering (AML) controls and protecting customers from financial crime.
Enhancing AML Initiatives through Advanced Cybercrime Reporting
The partnership marks a significant step forward in LGT’s efforts to enhance its AML initiatives, recognizing the need for robust security measures to prevent financial institution fraud. After a rigorous selection process, CYBERA’s WATCHLIST solution was chosen as the optimal solution to augment LGT’s existing AML controls.
“We are delighted to be working with CYBERA,” said Daniel Baumann, Head of Payment Services at LGT. “Their unique dataset, derived primarily from CYBERA VSRTM fraud and scam reports, enables us to enrich our financial crime and fraud detection systems, reinforcing our commitment to ensuring the highest levels of security for our customers.”
Benefits of the Partnership
The partnership between LGT and CYBERA will provide several benefits, including:
- Enhanced ongoing due diligence through high-quality data points on known mule accounts and Omnibus Accounts involved in fraudulent transactions
- Improved monitoring of inbound and outbound financial crime transactions
- Conduct network analysis with data on known fraudulent entities
- Preparation for future developments, such as the anticipated launch of Instant Payments in 2024
About CYBERA
CYBERA is a high-growth global startup company with Swiss roots, headquartered in New York City, with offices in Zurich and London. The company partners with leading non-profits, the financial sector, crypto businesses, and law enforcement to improve the customer experience and outcome for victims of scam and fraud attacks.
Contact Information
For more information about CYBERA and its solutions, please contact Claudio Staub, Co-Founder and CRO, at claudio.staub@cybera.io.