Swiss Cantonal Bank BLKB Taps NetGuardians to Enhance Payment Fraud Prevention

NetGuardians, a Switzerland-based provider of financial fraud prevention solutions, announced that Basellandschaftliche Kantonalbank (BLKB), a Swiss cantonal bank, has selected its software as part of a program of enhanced fraud prevention and plans to go live with it in H2 this year.

NetGuardians software uses advanced behavioral analytics, artificial intelligence and machine learning to build up highly accurate customer profiles. All transactions linked to an account are continuously monitored across all channels, compared against the customer profile and given a risk score. The bank only contacts the customer when the risk score reaches a pre-determined level.

The result is a massive reduction in the number of false positives, thereby maintaining an excellent customer and user experience while cutting the bank's operational costs. Further protection comes from machine-learning algorithms that can discover new fraud schemes, helping banks stay on top of emerging threats.

Christoph Schaer, Chief Operating Officer at BLKB, said: "Everything we do is for our customers. By working with NetGuardians we will be able to give them the best protection against fraudsters and improve our service to them. The accuracy of the software means we will only contact them when a transaction is highly likely to be fraud. This has two benefits – we will stop more fraud and contact our customers less often. It's a win-win."