Fraud Prevention Software Gains Ground in Switzerland with Zurich Cantonal Bank’s Selection of NetGuardians’ Solution

============================================================

Combating Payment Fraud with Advanced Technology

In a bid to combat the growing threat of payment fraud, Zurich Cantonal Bank (ZKB) has chosen NetGuardians, a Swiss FinTech company, for its advanced fraud-prevention software. This decision comes at a time when cybercrime is on the rise in Switzerland, with the country’s Federal Statistical Office reporting a nearly 25% jump in cybercrime cases in 2021 compared to the previous year.

How NetGuardians’ Software Works

NetGuardians’ software uses cutting-edge behavioral analytics, artificial intelligence, and machine learning to build highly accurate customer profiles. The system continuously monitors transactions across all channels and compares them against the customer profile, assigning a risk score to each transaction. Only when the risk score reaches a pre-determined level is the customer contacted, minimizing false positives and ensuring an excellent customer experience.

Customer-Centric Approach

Romano Ramanti, Ethical Hacker at ZKB, emphasized that with NetGuardians as their fraud-prevention partner, customers will receive top-notch protection without unnecessary interruptions. “We know we are giving our customers the best possible protection and a great service,” he said.

Proven Track Record

Joël Winteregg, Co-Founder and CEO of NetGuardians, added that there is no reason why banks have to choose between stopping fraud and providing excellent customer service. “Our software offers enhanced fraud protection without having to bother the customer all the time for authentication,” he noted. “And when the customer is contacted, the chance of the transaction being fraudulent is high.”

Success Stories

NetGuardians’ solution has already proven successful for numerous financial institutions worldwide, with over 40% of Switzerland’s state-owned commercial banks relying on its technology. With offices in Switzerland, Singapore, Kenya, and Poland, NetGuardians has helped protect more than $7 trillion in assets from cyber-criminals.

Industry Recognition

The company was listed as a Global Leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms and is recognized for its innovative approach to fraud prevention. ZKB’s decision to partner with NetGuardians is expected to bolster its efforts to prevent fraudulent activities and maintain trust among customers.

Conclusion

With this announcement, NetGuardians further solidifies its position as a leading provider of fraud-prevention solutions in the Swiss market, demonstrating its ability to help financial institutions strike a balance between security and customer experience.