Swiss Banks on High Alert: Fraud Prevention and Detection Software in Switzerland

In a world where cyber threats are constantly evolving, Swiss banks are taking proactive measures to prevent fraud attempts from within and outside their institutions.

The Growing Concern of Insider Threats

According to Joël Winteregg, CEO of NetGuardians, the question is no longer “if” but “when” an attempt will be made to defraud a bank. The most significant risk for Swiss banks comes from insiders, with 70 percent of fraud being committed by employees. A recent case illustrates this threat: a former wealth manager was accused of stealing 3 million Swiss francs from customers’ accounts over two years.

External threats also pose a significant risk to Swiss banks, including malware attacks, phishing, and social engineering. The latter involves using information collected from social media profiles to trick victims into revealing personal information or passwords. In Switzerland alone, over 4,500 phishing sites were reported in 2017.

NetGuardians’ Fraud Prevention Solution

To combat these threats, NetGuardians has developed a fraud prevention solution that uses artificial intelligence (AI) and machine learning technologies. The system analyzes transaction data and detects anomalies using profiling and behavior-based biometrics.

“We combine multiple variables to ensure accurate detection,” explains Winteregg. “Our solution reduces false hits by over 80%, allowing banks to respond quickly to potential threats.”

Human Intelligence and Data Collection

While AI-powered solutions can significantly reduce the risk of fraud, human intelligence is still essential for decision-making. Banks must also consider data collection and storage when implementing these technologies.

Future Developments in Fraud Prevention

In the future, NetGuardians expects algorithms to become even more sophisticated, incorporating Markov chains and additional data sources like social networks. The company also sees potential in behavior-based biometrics, which uses patterns of behavior rather than physical biometric information.

Conclusion

As the race against fraudsters continues, Swiss banks are well-positioned to stay ahead of the curve with proactive measures and innovative technologies. With fraud prevention software like NetGuardians, they can better detect and prevent attempts to defraud their institutions and protect customer trust.